Platinum Guild International (PGI) reported a strong platinum jewellery sales growth in 2013 with positive outlook for 2014 in its first annual Retail Barometer of platinum jewellery markets released in the end of April.
Preliminary results for the United States in 2013 indicate that retail unit sales for platinum jewellery increased by just over 11 percent, ahead of overall fine jewellery sales (Source: JIRI) and economic growth. The results were based on two proprietary surveys and third party feedback from over 300 retailers representing all distribution channels.
The outlook for the US platinum jewellery market in 2014 remains optimistic with growth expectation of 11 percent. PGI's preferred partners are particularly optimistic, with 71 percent expecting platinum unit sales to be better than 2013 (Source: GfK Retail Sentiment Study).
In terms of global outlook, the report says retail demand for platinum jewellery is forecasted to grow by 5.3 percent across the four key global markets including China, India, Japan and the United States, which accounted for 92 percent of global demand in 2014.
China is the world's largest platinum jewellery market which is seen to grow 5 percent in 2014 (2013: 3 percent growth). Japan is forecasted to grow by 1.2 percent (2013: 3.5 percent growth).
India's retail platinum market is expected to continue its meteoric rise and grow a further 35 percent in 2014 (2013:41 percent growth). Indian Retail Trade Barometer also said that The retail presence of platinum jewellery outlets has recorded significant growth during 2013 to 2014.The total number of platinum jewellery retail stores in the country has reached 800 during this period. Apart from metropolitan cities, tier-1 and tier-2 cities are witnessed increased demand for platinum jewellery.
James Courage, CEO of PGI commented: "Clearly the outlook for the platinum jewellery market is very positive with all four key markets expected to grow further in 2014. Platinum jewellery sales represent a more significant proportion of platinum demand than is commonly understood. We think it is important to provide information on what is happening to retail Jewellery sales and what we believe will happen in the coming year."
(Photos courtesy: CHJ Jewellery)
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