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U.S. retail sales of platinum jewelry were up 11 percent in 2013 and are expected to grow another 11 percent this year, the Platinum Guild International said.
New York--U.S. retail sales of platinum jewelry were up 11 percent in 2013 and are expected to grow another 11 percent this year, the Platinum Guild International said.
PGI released the results of its first "Retail Barometer" of platinum jewelry markets recently, which “captures sales from retailers to consumers” to provide a specific viewpoint on the platinum jewelry market.
The barometer is based on two proprietary surveys and third-party feedback from more than 300 retailers representing all distribution channels, PGI said.
Factors that contributed to growth in platinum sales in 2013 included greater availability of lower-priced “entry” platinum jewelry, such as semi-mount engagement rings between $1,345 and $2,500. This put the metal within reach of a broader market, PGI said.
In addition, the average price difference between platinum and gold narrowed to just 5 percent in 2013. A survey by global research agency Millward Brown reported that 77 percent of respondents say that platinum is "worth its cost, or more.”
Millward Brown also reported that a survey of bridal consumers revealed that platinum indexes at 169 for “feels different from others or sets trends for the category,” ahead of other precious metals--white gold indexed at 98 and yellow gold at 82.
The PGI said the outlook for platinum jewelry in the U.S. market remains optimistic, with the metal's sales expected to grow another 11 percent this year.
According to the Retail Barometer, retail demand for platinum jewelry is forecast to grow in four of the world's biggest jewelry markets in 2014: China, India, Japan and the U.S. These markets accounted for 92 percent of global demand in 2013.
China’s platinum market is expected to grow by 5 percent in 2014 (saw 3 percent growth in 2013); India, 35 percent (41 percent growth in 2013); and Japan, 1 percent (3.5 percent growth in 2013).
"Clearly the outlook for the platinum jewelry market is very positive with all four key markets expected to grow further in 2014," said PGI CEO James Courage. "Platinum jewelry sales represent a more significant proportion of platinum demand than is commonly understood."
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