US Platinum Jewelry Demand Starts 2022 on a Strong Note
Retail ounce sales were up 23 percent year-over-year in Q1, according to the recent Platinum Jewellery Business Review.
According to the Platinum Guild International’s most recent Platinum Jewellery Business Review, platinum jewelry ounce sales at PGI’s U.S. partners were up 23 percent year-over-year in the first quarter.
Bridal jewelry and gemstone fashion jewelry saw strong momentum during the quarter with double-digit growth compared to the prior-year period, while diamond fashion jewelry sales jumped by double digits, according to PGI.
PGI also noted its branded collection, Platinum Born, saw sales double in Q1.
All of this came despite the U.S. GDP contracting by an annualized rate of 1.5 percent in Q1, reflecting decreases in private inventory investment, exports, and government spending.
Also, in March, inflation across all categories rose to historic levels—8.5 percent year-over year. The stock market rose during the month but then stumbled again on the last day of the quarter.
The Consumer Confidence Index was up slightly in March following a February increase, though it was still below January levels, and the Expectations Index maintained its downward trend amid increased concerns over rising prices and the Russia-Ukraine war, challenges that are expected to limit spending further in the months ahead.
Still, PGI said its U.S. partners are predicting positive results for the rest of 2022, noting the jewelry industry may have some insulation against continued inflation as luxury consumers are not yet feeling the squeeze.
Consumer Sentiment
PGI also conducted a consumer sentiment survey, interviewing 2,000 jewelry buyers and wearers from ages 18 to 65 in four key markets—China, India, Japan, and the U.S.—who have bought or expect to buy fine jewelry.
Results of the survey show that demand in most markets continues to recover from the COVID-19 pandemic, PGI said, however it noted that as it was conducted in mid-March, results don’t reflect the sentiments that might have been negatively affected by the latest lockdown measures in China.
Key insights from the March survey are as follows.
--The majority of U.S. consumers have plans to acquire non-bridal fine jewelry in the next 12 months—57 percent of surveyed consumers plan to buy jewelry for themselves and 62 percent plan to buy jewelry as a gift in the next 12 months, down from 63 and 67 percent in August 2021, respectively.
--More consumers plan to buy bridal in India, China, and Japan in the next 12 months compared with August 2021, while there is a decline in the U.S.
--American consumer sentiment towards the future economy has also dropped, with less than 40 percent believing it will improve within the next six months.
--Retail stores are still critical for jewelry sales and remain the top channel for jewelry purchases in all markets.
--Preference for online jewelry shopping has stayed relatively stable in Japan, China, and the U.S., while seeing a 3 percent increase in India.
--Consumers in the U.S. are showing a higher awareness of responsible sourcing of jewelry materials, and 72 percent of surveyed Americans said they believe responsibly sourced jewelry is important.
--Of all the key sustainability factors affecting jewelry buying decisions, 77 percent of Americans chose “responsibly sourced materials” as one of the top three important factors, which is up from 63 percent last August. Fifty-four percent chose “environmental impact,” and 51 percent chose “traceability of materials,” up 3 percent from last year’s survey.
The Latest
Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.
DDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
The highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
Recent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
Carrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.