US platinum sales grow 11% in 2013

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PGI’s Annual Sales Barometer shows positive outlook for 2014.

Platinum Guild International (PGI) has launched its first annual ‘Retail Barometer’ of platinum jewellery markets, showing an 11% increase in retail unit sales for the precious metal in 2013.

Preliminary results from the 2013 Retail Barometer for the United States suggested sales of platinum jewellery increased by just over 11%, ahead of overall fine jewellery sales and economic growth. The results were gleaned from two surveys and third party feedback from over 300 retailers representing all distribution channels.

The increase is being accredited to the greater availability of lower priced, entry-level platinum jewellery, such as semi-mount engagement rings between $1,345 and $2,500 (£792 to £1,473). According to a survey of American bridal consumers by Millward Brown, shoppers believe platinum is the most ‘different’ of all the metals – giving it an appeal above yellow gold, white gold and silver.

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The growing interest in platinum is also being explained by the shrinking difference in price between platinum and gold, with the PGI claiming just a 5% difference in 2013.

Platinum sales are expected to rise in 2014 with 71% of PGI’s preferred partners expecting a 71% growth in sales compared to 2013.

For the global market, retail demand for platinum jewellery is forecast to grow by 5.3% across the four key global markets (China, India, Japan and the USA) which account for 92% of global demand in 2013. 

 

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