Platinum Guild International (PGI) published its 2017 Platinum Jewellery Business Review on 16 May revealing the emerging of three essential trends, namely young consumers, bridal and self-purchasing which contribute to platinum demand growth this year.
The report pointed out the robust consumer retail sales growth in the United States, Japan and India. “We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, which together with an increasing preference for platinum among younger consumers, indicates growth potential in the platinum jewellery sector in 2018,” says CEO Huw Daniel of PGI.
Young consumers
Despite continued challenges from new legislation, India’s platinum ounces increased 21 percent and gold jewellery had a 14 percent yoy up amid a strong preference for platinum among young consumers.
Bridal market
China, Japan, the United States and India are the major platinum markets. According to a consumer study covering 55 cities, platinum bridal acquisition volume has risen by 22 percent compared to 2014. Tier two, three and four cities of China see increasing demand for Platinum. Japan is a mature platinum jewellery market, holds an astonishing 92 percent share of the engagement ring market and 82 percent share of wedding rings.
Self-purchasing
Platinum accounts for over 50 percent of total jewellery sales in Japan. Growth is driven by females self-purchasing market. PGI sees a one to two percent growth in 2018.
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