Platinum has been instrumental in leading the overall jewellery industry recovery in 2020 across key markets, a new report says.
The metal has emerged as a key product for jewellers, the Platinum Guild International (PGI) revealed in its latest Platinum Jewellery Business Review (PBJR).
Its uniquely differentiating qualities, potential for higher margins and ability to drive incremental sales and profits have made it a value generator for manufacturers and retailers, PGI claimed.
PGI’s report took a look at China, Japan, India and the US and found that platinum is performing well in all four countries.
Platinum unit sales in the US registered a 14% year-on-year growth in Q4, for example.
Huw Daniel, CEO of PGI, commented: “The latest quarterly PJBR shows that platinum has played a leading role in the jewellery market’s recovery.
“Retailers and manufacturers have prioritised platinum in their merchandising selections, driven both by favourable metal pricing and a new generation of products better suited to today’s consumers, who more than ever are seeking jewellery of meaning for both gifting and self-purchase.
“The latest research indicates strong consumer appetite for fine jewellery purchases in 2021 which bodes well for continued growth into 2021.”
Use of platinum has been a growing trend in the last year as brands, retailers and consumers realised that the metal was in some places selling cheaper than gold. Read more below: