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PGI to Dole Out $500K in Business Grant Program
Participants from the first round of grants saw up to a 900 percent increase in their platinum sales.
New York—Platinum Guild International USA has seen the positive results of its inaugural grant program and is gearing up for a second cycle for 2024-2026.
In 2021, the organization devoted to promoting platinum in the jewelry trade debuted the Platinum Business Development Grant that awarded $500,000 to U.S.-based jewelry manufacturers over three years.
The inaugural grant recipients, announced later that year, were Helzberg Diamonds, Kwiat, and Mémoire.
For this group of recipients, funding was allocated toward programs aimed at boosting platinum jewelry sales during the holiday season, including social media and digital consumer advertising campaigns as well as co-op programs.
Now nearing the end of the three-year program, PGI is reporting 35 to 900 percent growth of platinum jewelry sales for these companies.
“While we were confident the program would positively affect recipients’ platinum business, we are thrilled with the actual results of our inaugural grant program,” said PGI USA President Jenny Luker.
“With the recipients prioritizing platinum in their business, it yielded unprecedented growth and provided the foundation for incremental sales that significantly affected their bottom line and set their platinum sales on a successful path for the future.”
Mémoire, for example, used its grant to up its stock of platinum bands, allowing for immediate retailer delivery in a program called Mémoire Now. The efforts tripled the company’s platinum sales.
Rebecca Foerster, president of Hearts on Fire, North America, which owns Mémoire, explained, “Hearts on Fire is now realizing the importance of platinum and has launched Vela, its new, complete bridal collection that showcases the beauty of the Hearts on Fire world’s most perfectly cut diamond, set in platinum, the world’s most beautiful metal.”
Now, PGI is looking for grant recipients for its 2024-2026 program.
It will again be awarding up to a total of $500,000 to selected manufacturers, designers and/or retailers who submit a qualifying grant proposal.
Applicants must either be U.S.-based or U.S.-focused businesses that know how and are capable of designing and manufacturing in platinum and want to make a long-term commitment to working with the material.
PGI noted the benefits of manufacturing in platinum, saying it can increase the average sale transaction when compared to other metals. The organization also remarked on the metal’s strength and security when it comes to stone setting.
The entry period for the 2024 Platinum Business Development Grant applications will open on Oct. 2. Applications should be submitted online.
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