RapNet


Rapaport News

 

Rough Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

US Demand Drives Platinum Sales Jump

Consumption rose 11% in 2017, trade body says.
May 27, 2018 8:41 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Platinum demand grew 11% in the US last year amid strong bridal-jewelry sales, Platinum Guild International (PGI) reported.

“The [US] economic recovery and bullish consumer sentiment has benefited the [whole] jewelry industry, leading to the fifth consecutive year of growth for platinum-jewelry consumption,” the trade organization said last week. “The growth mainly comes from strong sales in bridal jewelry, including engagement rings and wedding bands.”

In 2017, sales of platinum engagement rings in the US accounted for 17% of total revenue at independent retailers and 5% at national and regional chains, according to the group.

Platinum-jewelry demand rose 2.1% in Japan, with moderate growth in the non-bridal sector and a slight decline in bridal, PGI said. Sales in China fell 2.8%, with a drop in both gifting and self-purchasing of platinum products, while the bridal category experienced strong growth. Indian consumption soared 21%, with robust increases in all categories.

US platinum sales will climb 8% to 11% in 2018, PGI forecast. Indian demand will jump 20% to 25%, and consumption in Japan will increase 1% to 2%, while sales in China will decline 3% to 8%, the trade body predicted.

“In 2018, additional [US] growth is expected to derive from initiatives promoting the use of platinum crowns that hold diamonds more securely, regardless of the choice of metal for the rest of the ring, along with increasing demand from the self-purchase category,” the group said.

Image: 1791Rings
Tags: PGI, platinum, Platinum Guild International, Platinum-jewelry, Rapaport News
Similar Articles
De Beers rough diamondsDe Beers Lets Sightholders Defer Smaller Goods
Nov 02, 2020
De Beers is allowing customers to defer purchases of smaller rough at this week’s...
Letšeng Prices Exceed Pre-Pandemic Levels
De Beers Delays New Sightholder Contract
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us