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News

  1. Pandora Unveils First Ever Art Collaboration - Keith Haring X Pandora
  2. Further Growth in Hong Kong’s Luxury Retail Sales
  3. Pandora Unveils First Ever Art Collaboration - Keith Haring X Pandora
  4. Further Growth in Hong Kong’s Luxury Retail Sales
  5. Platinum Jewellery Sales Rise in Key Markets in Q2 2022, PGI says
  6. AGTA Announces New Board Members
  7. Fura Gems Discovers 101-carat Ruby
  8. Lightbox Sells Lower-Quality Lab-Grown Diamonds
  9. 160-Carat Rough Unearthed from Angola Mine
  10. GIA Found Synthetics, Simulant among Four ‘Natural’ Sapphires
  11. ‘De Beers Blue' Might Originate from Deep Earth, Says GIA
  12. New Chairman Elected at India’s GJEPC
  13. Tiffany Launches Its First All Gender Bangle Collection
  14. Pandora Launches Lab-grown Diamond Jewellery Collection in North America
  15. Gemfields Reports Record Revenues
  16. IIJS Premiere Sees Record Number Visitors
  17. Signet Acquires Blue Nile for $360M
  18. Hong Kong jewellery sales slide in H1
  19. Fancy Colour Diamond Price Index Rises
  20. The Potentially Largest Pink Diamond Found in 300 Years
  21. Kering Reports Strong First Half Jewellery Sale
  22. Vicenzaoro Back In September
  23. eBay Offers Fine Jewellery Authentication with GIA Partnership
  24. New Executive Director and Secretary General Appointed for Watch & Jewellery Initiative 2030
  25. VO Vintage Returns To Vicenzaoro September
  26. Sarine Partners With NGTC on Grading Reports In China
  27. Diamond Prices Slide Amid Economic Uncertainty
  28. De Beers, Botswana Sales Agreement Extended
  29. AWDC Appoints David Gotlib As New President
  30. IGI Debuts Online Learning Courses
  31. Swarovski Appoints First Non-Family CEO
  32. Kashmir Sapphire Ring Comes Out on Top at Bonhams
  33. WJA Foundation Launches New Scholarship for Women of Colour
  34. Blue Nile Merges with Mudrick for Its Second IPO
  35. RJC Launches ‘Gender Equality Toolkit’ at JCK Las Vegas
  36. GIA Reports to Go Digital by 2025
  37. Gemfields Achieved Highest Revenue at Emerald Auction
  38. DAMAC Group Now Owns de GRISOGONO
  39. GJEPC Proposes Lab-Grown Diamond Park in India
  40. Pandora’s New Crafting Facility in Vietnam Costs $100M
  41. Q1 Gold Jewellery Demand Soft, Says WGC
  42. Jewellery Buying Groups Formed New Global Alliance
  43. Singapore to Host Jewellery & Gem World 2022
  44. ‘Wonder Woman’ Gal Gadot Premiered in Tiffany’s 2022 High Jewellery Collection
  45. Christie’s to Auction ‘The Light of Africa’ for $18M in June
  46. New Board of Directors were elected to Jewellery Exporters Association of Turkey
  47. Oroarezzo back with Première Competition
  48. ‘De Beers Blue’ auctions US$57.5M at Sotheby’s
  49. CTF launches Mother’s Day collection
  50. Jewelers of America Announces The 2022 CASE Award Winners
  51. De Beers: Diamond Businesses Staying Cautious About Business Expectations
  52. Synthetic Alexandrite Pioneer David Patterson Dies at 89
  53. 205 CARAT FANCY INTENSE YELLOW DIAMOND GENEVA MAGNIFICENT JEWELS | 11 MAY 2022
  54. Rebecca Foerster Appointed As President of Hearts On Fire
  55. US Steps Up Sanctions Against Alrosa
  56. PGI Study Findings: Consumers Have Different Interpretations of Sustainability
  57. Irving Wong Appointed as Pandora’s General Manager For China
  58. Rolex’s 6 New Watches Unveiled at Watches & Wonders Geneva
  59. Sixième Sens par Cartier High Jewellery: Heteractis Ring
  60. Will Russian Diamond Ban Help Foster Lab-Grown Diamond Business?
  61. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  62. Press Release: Ariana DeBose, Hunter Schafer and Zoey Deutch Shine in De Beers Jewellers at the Vani
  63. JEWELLERY GENEVA Takes Place between 30 March and 3 April 2022
  64. Christie’s Presents 228 carat White Dimond
  65. Gold Bar Integrity Programme to be Implemented
  66. Press Release: BONHAMS ANNOUNCES ACQUISITION OF BRUUN RASMUSSEN AUCTIONEERS – DENMARK’S LEADING AUCT
  67. Early Spring Fashion for Natural Diamonds
  68. Jennifer Garner Shines in De Beers Jewellers at the Premiere in New York
  69. To celebrate its 15th anniversary, “Cartier Women’s Initiative Impact Report”
  70. American Gem Trade Association Announces Partnership with JCK Show Again
  71. Chow Tai Fook and Canada's Mountain Province Diamonds Sign Supply Agreement
  72. Registration Is Open for 2022 JCK Show
  73. Alrosa Caught Up in U.S. Sanctions
  74. Tawhid Abdullah Receives Lifetime Achievement Award
  75. The Largest Blue Diamond Appears at Sotheby’s Auction
  76. Price Rise for Nearly 90% Of Fancy Colour Last Year
  77. Dickson Yewn’s Collectibles Given for Sotheby’s Charity Auction
  78. De Beers Boosts Production
  79. Watches & Wonders Geneva To Be Held In Hybrid Format
  80. Jewellery, Gem & Technology Dubai to Debut February
  81. Hong Kong Losing its Dominance as the World's Largest Watch Market
  82. Gift Guide for CNY
  83. Press Release: Sotheby’s Announces New Appointments To Luxury Team In ASsia
  84. Georg Jensen Becomes a Certified Member of RJC
  85. 555.55-carat Black Dimond Unveiled at Sotheby’s Auction
  86. GIA Appoints Anna Martin as SVP for Institute, Industry Relations
  87. Alrosa Boosts Direct Sales of Fancy Diamonds to Investors
  88. CIBJO General Assembly postponed to March 17 and 18, 2022
  89. 7,525 Carat Emerald Discovered
  90. Karl Lagerfeld Jewellery Collections to Shine
  91. Diamonds Travel To The Space
  92. Vicenzaoro January postponed to March
  93. America’s Youngest Jeweller Starts Business via Instagram
  94. Concerns over conflict gold arise again
  95. The 1st International Gemstone & Diamond Trade Summit Wraps Up in Macao
  96. The Knot’s Study:Over 30% of Respondents Say Natural Diamond Unimportant
  97. Pantone’s 2022 Colour of the Year: Very Peri
  98. Phillips Jewellery Auctions Fetch over HK$181 Million
  99. The World’s First Pure Gold Castle of Magical Dreams by CHOW TAI FOOK
  100. Jewellery Sales Jumped 78% During the Thanksgiving Holiday
  101. Gem Auctions DMCC’s Debut Auction Successful
  102. Cartier’s Christmas Tree Lights Up the City with Love and Hope
  103. Rediscovering Lacloche in Hong Kong
  104. Blue diamonds to lead Christie’s HK autumn sale
  105. JMA show to stage next Thursday
  106. HK auction to help Cambodian kids
  107. Basel fair cancelled again
  108. HKDI show to continue in Dec
  109. Gemfields sells 7,500-carat emerald for good
  110. Sustainability is key to diamond purchases, a report says
  111. Christie’s Geneva jewellery sale fetches CHF53.7m
  112. Cibjo forms working group on fei cui standards
  113. Only Watch raises CHF30m for DMD research
Read More...


HIGHLIGHT

  1. US market unfolds changes and potential
  2. The queen of gems, the gem of queens
  3. Classics return

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  • Platinum Love event in China
  • Baby Darling series pendants
  • Baby Darling collection promotion

PGI confident in China despite challenges

Platinum jewellery sales in China continued a five-year slump in the recent past triggered by rising dominance of generic designs, unbranded offerings and the weight-based proposition. The uniquely special preference of younger consumers had a role to play too, in the dwindling demand for platinum. Tim Schlick, chief strategy officer of the Hong Kong-headquartered Platinum Guild International (PGI), offers an in-depth analysis of all these issues, and examines the appropriate strategic response to regain platinum's positioning in the China market as an extremely precious, highly valued metal which is also associated with 'love'.

 China is one of the world’s largest consumer markets for platinum jewellery besides the United States, Japan and India. According to a PGI report, Platinum jewellery accounts for about 70 percent of the metal's total demand in China. Nearly 12 million items of platinum jewellery are sold in the country every year. The drop in platinum price was expected to boost the sales of jewellery, making it more affordable for the younger consumers. These consumer generally buy more ‘approachable’ items for day-to-day use. However, sales figures actually went down by seven percent in 2018 compared to the previous year.

 “The Gen Y and Z consumers have a very different attitude to jewellery differently from previous generations,” said Schlick when explaining non-price factors of demand. “Not only does jewellery compete with other luxury items, it also faces keen competition from ‘experience products’ such as travel." He believes jewellery is no longer a must-have item for younger consumers, "they are essentially immune to marketing that appeal to superficial desires and marketing,”

 On the contrary, the younger generations are impressed by brands with substance, he suggested. “If brands have a compelling story, consumer will listen. They crave love, intimacy and meaningful connections more than their elder predecessors. They are possibly the most romantic generation of all times - willing to celebrate authentic love with jewellery,” he said.

 Last year, PGI undertook various initiatives to address different challenges in the China market. The focus remained on bringing novelty to the market, creating buzz and making platinum more attractive on the whole. Some of the notable initiatives included the appointment of Mainland actor Yang Yang as PGI’s China ambassador in February and launch of the Moment of Eternity collection in October.

In the Chinese Mainland, around 20 manufacturers, some 40 retailers and nearly 5,700 stores represent the platinum jewellery market, according to PGI. On one hand, Gold continues to be a very popular choice. On the other, making and selling platinum items are not encouraging to practitioners due to the low profit margin. As a result, there is little incentive to invest more in product design, craftsmanship and marketing of platinum jewellery.

 “In the past few years, PGI has continued to guide and support retailers and manufacturers of platinum items - helping with marketing and introducing new, innovative collections in this fast-changing market,” Schlick said.

 For example, the association has worked with key manufacturers in China on new collections and technological improvements. The effort helped them avoid direct price competition through design and consumer differentiation, contributing to improved profitability.

 It also worked with retailers, helping to fine-tune their platinum portfolio to meet evolving consumer needs of jewellery. “The new collections allowed retailers to charge a premium and enjoy better profit margins. The improved profitability also allowed retailers to reward front line sales associates with better financial incentives, motivating them to sell more platinum jewellery. The net outcome is a win-win scenario for all parties involved and a healthy value cycle,” he added.

 PGI has strived to enhance consumers’ shopping experience and add value to platinum products. To that end, it assisted jewellery retailers to refine their display props and strategies. It also worked closely with key trade partners who aspire to make platinum a prime ingredient to their business success.

 “Retailers and manufacturers who proactively adapted to evolving consumers’ needs have been particularly successful in selling and marketing platinum jewellery,” he said. However, many others in the sector need to follow suit to accelerate the expansion of branded platinum collection-based jewellery, which better meets consumer needs and makes platinum more profitable for retailers.

 According to the PGI report, unbranded items without a compelling brand story accounted for 80 percent of the total platinum jewellery sold in China last year. As much as 75 percent of platinum pieces were sold by weight, while 65 percent were plain in style.

 Despite being the favoured “love metal” for bridal jewellery, platinum has experienced increasing pressure from the growing popularity of gold. To make it worse, fewer number of people in China are getting married.

 “The bridal segment still accounted for 22 percent of platinum’s volume share among tier one to tier three urban markets. Platinum bridal jewellery acquisition rate for brides still stands at 53 percent. The drop in sales volume in the bridal segment can be largely attributed to the declining number of people getting married in China” Schlick said.

 He believes that platinum will continue to be a preferred choice for bridal rings because of the ardent fans of the white metal - women who are younger, better educated, more sophisticated with higher income. They have a clear preference for platinum over pure gold.

 PGI is on the constant quest for new market opportunities for platinum jewellery. It keeps venturing into different segments, such as jewellery as gifts. “Among the 78 percent of non-bridal business, there are countless opportunities. One of which is ‘motherhood jewellery – a gift of love for young women becoming mothers,” said Schlick.

 This May, PGI partnered with Hong Kong-based Luk Fook Jewellery to launch the Baby Darling collection - platinum that captures the deep joy behind the monumental transition of being only a wife to being a mother.

According to PGI, modern Chinese families want more exclusive collections of safe and meaningful gifts for their new-born babies, which opens a new window for branded, beautifully-designed, rare and safe platinum jewellery.

 “Extensive consumer research across regions and segments shows us the massive market opportunity among 26 million consumers in China - people looking for the perfect gift when celebrating a cherished newborn. Rare and hypoallergenic platinum is the perfect choice, while the Baby Darling series is a symbolic celebration for both the wife and the baby as they embark on the new adventure in life,” says the association.

 Although the lull platinum jewellery market in mainland China is expected to persist in the next two or three years, things should turn around after the fundamental issues mentioned earlier are solved. PGI has seen encouraging results from some manufacturers and retailers, noticing an early indicator for new growth in platinum in the long-term.

 “We will carry on the incessant efforts to reinvigorate the platinum business through current and future market makers. Working with our trade partners, we continue to build role models across different purchase occasions in addition to the bridal segment, making platinum a safe bet for future growth,” says Schlick. (Photo courtesy: PGI) 

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