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Platinum Jewelry Sales Saw Strong 2018

Growth in bridal driving US and India market, says Platinum Guild International.
May 27, 2019 7:49 AM   By Rapaport News
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RAPAPORT...
Platinum-jewelry demand grew in India and the US in 2018, as younger consumers and male buyers responded strongly to marketing campaigns, Platinum Guild International (PGI) reported.

US sales at PGI’s retail members grew 11% amid strong growth in the bridal category, and the successful use of celebrities in advertising, the trade organization said. Sales for 2019 are expected to increase by 8% to 10%, with growth slowing slightly due to market uncertainty and volatility in light of the US-China trade war.

Sales in India rose 19% at PGI partners, with strong growth in bridal and gifting, and solid self-purchasing, predominantly by younger consumers. Purchases will continue to rise 15% to 20% in 2019, as the number of days considered auspicious for buying jewelry rises, and men’s jewelry gains popularity in the country.

Demand in Japan increased 1% in 2018, lifted by a higher average weight per piece of jewelry sold, which outweighed a decline in the number of pieces purchased. International brands such as Tiffany & Co. saw the largest growth, as young consumers and men responded to influencer and celebrity campaigns. Purchases in China declined 7%, as more consumers of bridal jewelry bought 18-karat gold instead, PGI added.

Image: A platinum and diamond engagement ring. (Cs1791)
Tags: India, PGI, Platinum Guild International, Platinum Jewelry Sales, Rapaport News, US
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