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Lower retail price points, more marketing and commodity prices nearing parity were all factors in the metal’s success in the U.S. market.
New York--Platinum jewelry sales in the United States rose for the second consecutive year and the trend is expected to continue in 2015, according to the results of a recent survey by the Platinum Guild International.
Sales of platinum jewelry increased about 8 percent in volume terms in 2014, following an 11 percent year-over-year increase in 2013.
Still, the PGI said the increase is “set in the context of a somewhat disappointing performance of the fine jewelry market in general,” noting that while platinum units did grow 5 percent, value increased by about 2 percent, “below initial expectations of mid-single digit growth.”
Unit sales increased as a result of “heavy discounting by retailers,” the organization said.
The PGI also outlined the following factors as contributing to the 2014 platinum sales results.
--New platinum jewelry introduced at lower retail price points. This complements a broad trend that has characterized jewelry demand for the past three years, the PGI said: Shoppers want to buy jewelry, but they’re shopping for goods at lower price points. With platinum prices roughly on par with gold, consumers are opting for this metal for jewelry, rather than traditional karat gold or plated gold jewelry.
--Increased platinum marketing efforts. The PGI and specialty jewelers have implemented marketing campaigns aimed at increasing platinum jewelry sales.
--Millennial consumers are seeking unique jewelry. Unlike baby boomers, who wanted the same things their neighbors owned, millennials want something different and unique. The PGI said since the metal isn’t mainstream in the U.S. yet, it’s viewed by this generation as different from what their friends or parents own.
--Diamond engagement ring demand strengthening. More couples are returning to the tradition of purchasing a diamond engagement ring, and are more likely to opt for a center diamond surrounded by other precious gemstones and set in platinum.
--Platinum and gold commodity prices continue to be near parity. In 2014, the average price for platinum was $1,386 per ounce, compared to gold’s $1,266 per ounce. With commodity prices near parity, platinum jewelry can be purchased for nearly the same price as similar white gold jewelry.
Based on the results of the survey, the PGI said it expects the platinum jewelry market to see sales gains climb 6 percent in units/volume in 2015.
“Demand for platinum jewelry is expected to remain robust, growing more rapidly than the projected growth rate of total jewelry
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demand,” the organization said, aided by the same factors that boosted demand last year.
PGI’s Retail Barometer Study was conducted globally by independent platinum market experts and industry analysts, covering more than 400 jewelry retail companies with nearly 40,000 retail outlets in China, India, Japan and the United States. Research was conducted between January and February 2015.
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