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Platinum, Gold Record Positive Quarters
U.S. demand for platinum jewelry grew 9 percent in Q2 while demand for gold jewelry rose 4 percent in Q3.
These “Paper Clip” earring from Mastoloni are 18-karat yellow gold with 0.11 carats of diamonds and a 6-6.5 mm freshwater pearl in the curve ($900 retail). U.S. sales of gold jewelry increased 4 percent in third quarter due in part to increased consumer confidence, WGC said.
New York—Strong consumer confidence in the United States helped boost jewelry sales in the second and third quarters, respectively.
In its jewelry business review for Q2, PGI said its trade partners in the United States reported a 9 percent increase in platinum demand (in terms of ounces) year-over-year, adding to the 12 percent jump recorded in the first quarter.
The only market to record a stronger second quarter than the U.S. was India, where demand for platinum jewelry (in ounce terms) grew 26 percent. In China, demand slipped 4 percent while it was essentially flat in Japan.
On the year, U.S. sales of platinum jewelry are expected to grow between 8 and 11 percent.
“Consumers felt confident to spend,” PGI noted in its Q2 report, “supported by a low unemployment rate, increasing salaries and a tax cut.”
In addition to promoting platinum for bridal through “Platinum Crowns,” PGI introduced a collection of lower-priced platinum jewelry aimed at women who buy jewelry for themselves.
Launched during the Las Vegas jewelry trade shows, “Platinum Born” was “well received” and is expected to continue to expand, PGI said.
Also aiding demand for platinum fashion jewelry is “Paper Flowers,” the line Tiffany & Co. rolled out in May featuring platinum pieces set with diamonds and colored gemstones.
Meanwhile, U.S. gold jewelry demand grew 4 percent to 28.3 tons in the third quarter.
Economic confidence remained high throughout the quarter, and consumers spent more of their discretionary income on gold jewelry, particularly “plain yellow gold pieces,” the World Gold Council said.
The WGC also noted that the strong quarterly performances of Signet Jewelers and Tiffany are indicative of a more optimistic outlook for the U.S. jewelry market overall.
Worldwide in the third quarter, gold jewelry demand was up 6 percent to 535.7 tons.
Consumers in China and India bought more gold jewelry, incentivized in part by the metal’s falling price in Q3.
According to Kitco, the gold price hit its lowest point of 2018 in August, dipping to $1,178 an ounce. And at no point in the third quarter did the gold price reach the cumulative average for the year, $1,274.27.
Sales fell in Iran, Turkey and the United Arab Emirates. Demand in Europe was
essentially flat, increasing just 1 percent year-over-year.
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