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  • Photo courtesy: Platinum Woman
  • Photo courtesy: Platinum Born

Platinum Jewellery Sales Rise in Key Markets in Q2 2022, PGI says


Platinum Guild International (PGI) reported a continued recovery in platinum jewellery sales in key markets India, Japan and United States in Q2 2022, despite the lingering effects of the pandemic and rising inflation, in the latest Platinum Jewellery Business Review (PJBR).


PGI stated that the upswing has been fuelled by a series of marketing programmes underscoring platinum’s lustre and emotional appeal, supporting the industry’s demand to drive sales and margin growth post-pandemic.


“As consumers rejoice in the return of festivities and shopping after successive lockdowns, the industry's marketing and promotional campaigns have renewed the appetite for platinum jewellery that is appreciated for its quality, worth and emotional value,” said Huw Daniel, CEO of PGI. “At the same time, our manufacturing and retail partners are delivering diverse branded collections to drive margin growth and appeal to more customers.”


India’s gem and jewellery industry enjoyed strong momentum in Q2 2022 after businesses were disrupted for two years in a row, thanks to the festivals of Gudi Padwa and Akshaya Tritiya, and the onset of the summer wedding season.


Retail sales growth in the US remained positive, instilling confidence in a market adjusting to surging inflation and global supply chain issues sparked by the Russia-Ukraine conflict. Platinum Born, a platinum-only women's jewellery brand, unveiled a new creative campaign at the Couture show in June, adding new doors and achieving high year-over-year growth in wholesale sales to retail partners.


Japanese consumers returned to shops with confidence during Q2 to buy jewellery, as the end of Covid-19 restrictions coincided with the golden week national holiday. As a result, jewellery sales recovered for the fifth quarter, with a push towards platinum that saw year-over-year unit sales increase by 9.8 percent. Platinum Woman released its summer collection, and attracted robust sales from younger consumers who are lured by accessibly priced platinum jewellery endorsed by a celebrity brand ambassador.


China’s major cities have endured lockdown since late March, and Covid-19 travel restrictions have been tightened. Even though the jewellery market witnessed a gradual recovery from May, sales were still under pressure in Q2.





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