Platinum jewellery remains a growing opportunity, according to marketing organisation Platinum Guild International’s (PGI's) ‘2024 Platinum Jewellery Business Review’.

“Platinum means quality and understated luxury. Discerning shoppers understand the value and attributes of platinum compared to gold. With the price of gold fluctuating at record highs and more diversified platinum offerings, jewellers are turning to platinum once again.

“PGI’s marketing efforts on the ground in different countries also help build an understanding of and appreciation for this premium metal among jewellery lovers,” posits PGI CEO Tim Schlick.

CHINA

Platinum jewellery outperformed gold in the second quarter in China, as some retailers and wholesalers have started to shift their focus to platinum, while more manufacturers are rebuilding their platinum inventory, the review shows.

Platinum jewellery fabrication improved in the second quarter, led by the metal-only products that dominate the Chinese market, which delivered year-over-year growth in May and June.

Meanwhile, platinum jewellery sales among PGI’s retail partners declined at a much slower pace than in the first quarter.

INDIA

The Indian jewellery market in April and May was almost stagnant owing to general elections, record-high temperatures and rising gold prices, which impacted on demand, the review indicates.

However, platinum demand shot back up in June when the country saw double-digit year-on-year growth, indicated to have been facilitated by marketing initiatives such as the Men of Platinum campaign during the Indian Premier League and the ICC T20 Cricket World Cup.

PGI India is also expanding Platinum Love Bands and Men of Platinum to the Middle East by partnering with key retail partners to explore opportunities in countries such as the United Arab Emirates, with this said to be garnering a positive response.

JAPAN

Jewellery sales in Japan increased for the thirteenth consecutive quarter in the second quarter. Platinum jewellery sales increased by 0.8% year-on-year on a unit basis.

Demand among Japanese customers remained strong, while foreign visitors also helped, the review shows.

Platinum sales growth was led by high-purity products in the form of Kihei, pendants and necklaces, while gold jewellery grew the most in low-purity products.

US

The review shows that platinum is generating considerable interest in the US when compared with the high price of gold and declining prices (and margins) of diamonds, both from independent retailers, as well as major chains.

Platinum jewellery sales from PGI’s strategic partners increased at 6.8% year-on-year in the second quarter, and four jewellers of the Platinum Business Development Grants all delivered double-digit sales growth.

PGI USA’s new Inoveo platinum alloy debuted in June. It is intended to inspire new manufacturers to work with platinum while motivating existing players to increase their platinum jewellery production.