SurveysMar 31, 2022
4 Findings from PGI’s Consumer Survey About Sustainability and JewelrySurveysApr 19, 2022
Platinum Jewelry Sales Continue Their Record Growth
PGI said its U.S. partners recorded their best performances in 2021.
Mémoire’s pavé silk half round diamond band, featuring approximately 1.64 total carats of diamonds in platinum ($5,495)
New York—Continued sales growth in the last quarter of 2021 resulted in a record year for platinum, the Platinum Guild International said.
According to PGI’s Platinum Jewellery Business Review Q4 2021, its partners in the U.S. reported their best performance yet last year, with an average year-over-year growth of 30 percent in the fourth quarter.
Almost all platinum product categories rose double-digits in Q4, PGI added.
PGI said year-end sales saw a 15 percent increase in 2021 when compared with 2020, which was already up 3 percent over 2019.
In fact, according to the PGI USA Retail Barometer, sales growth has seen a constant increase since 2014.
PGI said the results made evident the success of its business grant program, designed to boost the growth of the U.S. platinum jewelry market by inspiring manufacturers and retailers to make the metal a focus of their business.
Grant recipients Helzberg, Memoire, and Kwiat, for example, expanded their business at rates ranging from 40 percent growth to triple-digit growth in Q4, PGI said, as the companies focused their merchandising, marketing, education, and customer experience on the platinum category.
Several grant recipients also rolled out new exclusive platinum designs in time for holiday shoppers.
The organization will open its grant program to another round of applications in 2023.
“The PGI grant was a catalyst for our organization to focus our distribution on selling platinum. We now shelf stock, and overnight ship, our bestselling diamond bands in platinum within a range of ring sizes,” said Jacqueline Grande Raffi, senior director of Memoire.
“Additionally, during a time when our retailers were struggling with staffing shortages, we made it easier and faster for their teams to access information and order through our B2B site … Our platinum sales growth was over 146 percent, far outperforming gold sales … and, more importantly, far outpacing the industry growth during a record-breaking year.”
The strength of platinum sales last year mirrored the performance of the overall jewelry category in the U.S.
According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, the jewelry sector saw year-over-year growth of 60 percent in the U.S. in 2021.
So far for 2022, it said U.S. jewelry retail sales had increased nearly 20 percent year-over-year in January, followed by a 22 percent increase in February, and a 106 percent increase in March when compared with the prior-year period.
Related stories will be right here …
According to PGI’s Platinum Jewellery Business Review Q4 2021, its partners in the U.S. reported their best performance yet last year, with an average year-over-year growth of 30 percent in the fourth quarter.
Almost all platinum product categories rose double-digits in Q4, PGI added.
PGI said year-end sales saw a 15 percent increase in 2021 when compared with 2020, which was already up 3 percent over 2019.
In fact, according to the PGI USA Retail Barometer, sales growth has seen a constant increase since 2014.
PGI said the results made evident the success of its business grant program, designed to boost the growth of the U.S. platinum jewelry market by inspiring manufacturers and retailers to make the metal a focus of their business.
Grant recipients Helzberg, Memoire, and Kwiat, for example, expanded their business at rates ranging from 40 percent growth to triple-digit growth in Q4, PGI said, as the companies focused their merchandising, marketing, education, and customer experience on the platinum category.
Several grant recipients also rolled out new exclusive platinum designs in time for holiday shoppers.
The organization will open its grant program to another round of applications in 2023.
“The PGI grant was a catalyst for our organization to focus our distribution on selling platinum. We now shelf stock, and overnight ship, our bestselling diamond bands in platinum within a range of ring sizes,” said Jacqueline Grande Raffi, senior director of Memoire.
“Additionally, during a time when our retailers were struggling with staffing shortages, we made it easier and faster for their teams to access information and order through our B2B site … Our platinum sales growth was over 146 percent, far outperforming gold sales … and, more importantly, far outpacing the industry growth during a record-breaking year.”
The strength of platinum sales last year mirrored the performance of the overall jewelry category in the U.S.
According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, the jewelry sector saw year-over-year growth of 60 percent in the U.S. in 2021.
So far for 2022, it said U.S. jewelry retail sales had increased nearly 20 percent year-over-year in January, followed by a 22 percent increase in February, and a 106 percent increase in March when compared with the prior-year period.
Editors' Picks
Sponsored by
More on Surveys
The Latest
Recorded WebinarsMay 27, 2022
Watch: The 5 Things I Always Take to a Trade ShowEditor-in-Chief Michelle Graff is joined by three industry veterans to talk about the items they never leave behind and why.
CollectionsMay 27, 2022
92Y Has Selected its 2022 Artist in ResidenceGerman jewelry artist Alexander Blank is the fourth designer to receive the honor.
CollectionsMay 27, 2022
Piece of the Week: Which Movie Inspired This Chopard Masterpiece?The answer is “Hair,” and the necklace is from Chopard’s 2022 Red Carpet Collection, rolled out at the Cannes Film Festival.
Brought to you by
3 Reasons to Offer Estate Buying at Your StoreProvide your customers with a seamless selling solution by partnering with Windsor Jewelers, Inc.
Supplier BulletinMay 26, 2022
Extraordinary Italian Jewelry at JCK and COUTURESponsored by Italian Trade Agency
Weekly QuizMay 26, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
SourcingMay 26, 2022
Q&A: Deciphering De Beers’ Blockchain PlatformDavid Prager virtually sat down with Editor-in-Chief Michelle Graff to answer questions about the rollout of Tracr at scale.
AuctionsMay 26, 2022
Bonhams New York Jewels Auction Is a White Glove SaleJewelry and objects belonging to Bette Midler, heiress Hélène Irwin Crocker Fagan, and Lady Sylvia Ashley were among the highlights.
Brought to you by
Dive into GIA’s Pearl ExpertiseWhen it comes to knowing the identity and quality of your pearls, count on GIA as your independent pearl experts.
FinancialsMay 26, 2022
Movado Posts Record Q1 Sales Despite ‘Challenging’ US MarketThe company opted not to raise its fiscal guidance, citing a slowdown in the U.S. market as a key reason.
TechnologyMay 26, 2022
State of Retail: The Pros and Cons of 4 Jewelry-Selling PlatformsFrom “old-school” eBay to new kid on the block 1stDibs, we asked jewelers about their experiences selling jewelry in non-traditional places.
Policies & IssuesMay 26, 2022
Barbara Wheat Named Executive Director of Ethical Metalsmiths She has nearly 30 years’ experience in the gem and jewelry industry and a background in nonprofit management.
EditorsMay 25, 2022
7 Standout Tiaras in Sotheby’s Platinum Jubilee ExhibitionSenior Editor Brecken Branstrator chooses the pieces she’d most want to see in person.
MajorsMay 25, 2022
Anne Hathaway Is Bulgari’s Newest AmbassadorThe actress joins Zendaya and others in a new advertising campaign.
IndependentsMay 25, 2022
The Mexican Shack to Close After 47 YearsOwner Steve Delzio shares his thoughts on retirement after nearly five decades in the jewelry industry.
IndependentsMay 25, 2022
Designer Theo Fennell Has Written a Memoir “I Fear for This Boy” takes readers through the ups and downs of his business and is available for pre-order now.
IndependentsMay 25, 2022
MVEye, Wedding Report Partner on New Jewelry Research Platform“Today’s Wedding Jewelry Consumer” shares data about engagement ring market size, lab-grown and natural diamonds, and more.
ColumnistsMay 24, 2022
The PR Adviser: 10 Questions to Contemplate Columnist Lilian Raji wants to walk you through the customer journey. But first, she’d like you to answer a few questions.
Events & AwardsMay 24, 2022
8 Gold Jewelry Designers Unveil New Platinum DesignsSeveral Couture brands have partnered with Platinum Guild International ahead of the jewelry trade show.
Lab-GrownMay 24, 2022
Kendra Scott Unveils Lab-Grown Engagement Ring CollectionThe jewelry company is moving into bridal just a month after branching out into the watch world.
SourcingMay 24, 2022
State of the Diamond Industry: Where Does Supply Go From Here?The 2008 economic crisis, COVID-19, and sanctions on Russian goods have set the stage for an interesting decade for natural diamond supply.
Events & AwardsMay 24, 2022
WJA to Host Diversity Keynote at New Las Vegas Breakfast Event The Generating Community Impact fundraiser on June 11 will feature Karine Bah Tahé of Blue Level Training.
WatchesMay 23, 2022
Steven Kaiser, Watch Industry Veteran and Beloved Mentor, Dies at 68 Kaiser, whose illustrious career spanned decades, died suddenly on Friday.
IndependentsMay 23, 2022
Long’s Jewelers to Open New LocationThe family-owned jeweler is relocating its Braintree, Massachusetts, store to a new space.
IndependentsMay 23, 2022
Luxury Goods Veteran Olivier Stip Joins Chicago Jeweler CD Peacock He will step into the retailer’s newly created role of chief development officer.
GradingMay 23, 2022
Gem-A Launches Digital Entry-Level Gemology CourseGemIntro is meant to give a broad introduction to gems and gemology.
Recorded WebinarsMay 20, 2022
Watch: Responsible Sourcing and the Gold Supply Chain Three industry experts discuss “recycled” gold vs. mined, their challenges and benefits, and how jewelers can navigate the area.
FinancialsMay 20, 2022
Richemont’s 2022 Jewelry Sales in the Americas Nearly DoubleCartier, Van Cleef & Arpels, and Buccellati put on stellar performances.
