14-7-2020
Platinum Guild International (PGI) reports that China jewellery industry is in themidst of a V-shaped recovery in the second quarter of 2020, with platinum jewellery manufacturers has seen greater demand volume and steady recovery in platinum business through April and May. Retailers have witnessed sales of platinum jewellery reaching 80 percent yoy since reopening.
There has been inventory backlog in gold and gemstone jewellery since January. Some industry players from these categories has begun to enter platinum jewellery industry. Shining House is one of them, who is planning to launch One Life One Love, a platinum jewellery collection to over 300 of his stores in mainland China by the end of q3.
“Our industry partners in China are reporting a platinum recovery driven by competitive pricing and the launch of new products which utilise innovative new technologies and designs that are capturing the interest of a new generation of consumers. PGI’s initiatives to engage with both the jewellery trade and consumers have been extremely effective in accelerating this recovery during post-COVID-19. Despite pandemic uncertainty ahead, we hope conditions will allow for continued foot traffic to stores to ensure the sell through needed for a sustainable recovery,” says PGI CEO Huw Daniel.
He believes industry players could attract customers with branding and storytelling to further speed up the pace of sale recovery.
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