India And United States Seeing Rising Platinum Jewelry Sales, Says PGISeptember 24, 18
(IDEX Online) – Platinum Guild International (PGI) has published the Q2 Platinum Jewellery Business Review (PJBR) of the platinum jewelry market around the world.
Upon close evaluation of the performance of the platinum jewelry market during the second quarter, key findings reveal that despite being a young market India’s sales for platinum jewelry are steadily increasing and the more mature USA market continues to see positive growth to support an expansion of platinum offerings.
“As the second biggest use of platinum, the jewelry market is critical to the future success of the platinum industry," said PGI CEO Huw Daniel. "The Platinum Jewellery Business Review reports provide an analysis and full look at the key markets to determine the effectiveness of marketing campaigns and the future growth opportunity.”
India’s platinum jewelry sales continue to outpace gold and diamonds sales and register the highest growth (26%) of the platinum jewelry demand in the key markets. This is largely attributed to collaborative trade initiatives, and distinctive branding and marketing with a growing appeal to a higher income urban youth, the PGI explained.
Meanwhile, in the USA, more retailers have been or are planning to increase their platinum jewelry offering on the back of lower metal prices and recent marketing initiatives. Combined with a robust economic market and recent tax cuts, PGI’s trade partners are reporting 9% growth in platinum ounce consumption in Q2.
A critical market for platinum jewelry, China’s sentiment was improved for platinum jewelry retail and manufacturing in the second quarter led in large part by new product launches and overhauled consumer initiatives.
As the second largest platinum jewelry market, the outlook for Japan’s platinum sales remains stable with continued growth in the non-bridal jewelry segment.