Platinum Guild International’s (PGI) recent industry report Platinum Jewellery Business Review (PJBR) Q1 2023 indicates the continuous growth of the platinum jewellery business in the post-Covid recovery period, supported by strategic initiatives and programmes from PGI per market to leverage the improved sentiment to strengthen the awareness and desirability of platinum.
“Precious jewellery remains significant in people’s lives to mark life milestones and personal achievements. PGI’s partners are collaborating with us to encourage consumers to choose platinum for its unique qualities, including the shining brilliance, tenacious strength, and long-lasting value of this rare precious metal. Through marketing programmes and branded collections, PGI and its partners continue to deliver strong results during the key festival shopping periods and wedding seasons.” said Huw Daniel, CEO of PGI
While the overall jewellery industry only saw moderate growth due to an inauspicious buying period and increased gold prices, PGI’s strategic partners have seen 20% growth in platinum jewellery retail sales YoY in Q1 2023. Targeted retail activations for branded collections and successful training programmes among retail partners helped higher conversion and upselling from the gold section due to high gold prices.
With the upcoming key jewellery-purchasing occasions like Akshaya Tritiya and the summer wedding season, as well as the Season of Love 2023 trade activation programme, retailers expect positive momentum for platinum.
China’s jewellery sector gradually recovered in Q1 2023, led by gold sales that can be attributed to the traditional peak season for pure gold, along with investment purchases.
Branded collections and exclusive co-developed products supported platinum jewellery demand, whilst retail sales amongst PGI partners declined at a slower pace of 11% YoY in Q1 2023. PGI introduced the flagship branded collection, Pt Moment® 2023 products, in a trade launch event followed by a Spring/Summer Buyer-Seller Meet in late March, exhibiting 1,200+ new SKUs of platinum products from 15 manufacturers. Retail partners’ strategic marketing programmes during the key festivals also supported driving sales and delivering positive results, despite an overall decline in the category.
Jewellery sales continued to expand in Japan for the eighth consecutive quarter, and retail sales of platinum jewellery increased 1.4% YoY in Q1 2023. Men’s jewellery led the category growth, while Kihei chains, bracelets, earrings, fashion rings and pendants/necklaces continued to do well.
More jewellers in Japan invested in new product development for platinum pieces due to the hike in gold prices. Platinum Woman, the flagship brand for young Japanese women, started 2023 with a strong first quarter, seeing retail partners’ sales rise by double-digits against the same quarter of 2022.
Platinum jewellery sales in Q1 2023 remained strong despite a slight decline from historical levels, down 8% YoY.
PGI’s business development granted partners with sustained growth in Q1 2023. PGI also experienced more requests for platinum education for sales associates due to the increased popularity of platinum jewellery among consumers and retailers stocking more platinum inventory.
I would be more than happy to connect you with a spokesperson from PGI to discuss this further.