SurveysApr 19, 2021
New Nielsen Study Shows Consumer Optimism Toward Jewelry SurveysMay 20, 2021
US Platinum Jewelry Retail Sales Grew 3% in 2020
With factories shut down and sales of new metal hampered, retailers took the time to sell aged inventory to boost business, according to PGI.
Platinum jewelry sales were up in the U.S. last year, despite challenges brought on by the pandemic. Pictured is a diamond and platinum ring from Single Stone ($15,800).
Hong Kong—Consumer attitudes and behaviors have changed a lot over the past year as the pandemic forced a rethinking of priorities.
Jewelry has benefited from that, and, according to the Platinum Guild’s latest Platinum Jewelry Business Review, platinum jewelry was able to reverse the downward trend brought on by COVID-19 as consumers wanted to mark special moments with meaningful items of value.
In the U.S., jewelers benefitted from “diverted” consumer spending, the review showed, as shifting priorities led them to jewelry to satisfy their desire for value and meaning.
PGI said it experienced a significant increase in requests for support from retailers that wanted to pivot from white gold and capitalize on platinum’s more accessible price point. (It averaged $882.63 per ounce in 2020, according to Kitco, as gold prices skyrocketed.)
Platinum jewelry sales in the U.S. last year were up 3.4 percent year-over-year, according to PGI. While factories were shut down and sales of new metal to manufacturers were hampered, retailers used the opportunity to sell aged inventory, leading to a net increase in business.
PGI’s annual retailer survey showed that more than half (51 percent) of the 300-plus retailers sampled reported growth in platinum jewelry sales last year, with 21 percent indicating they saw no change and 37 percent reporting a decline.
As a comparison, gold jewelry demand in the U.S. was down 10 percent in 2020, driven by the impact COVID-19 had on consumer income and gold’s high price.
In the platinum category, both bridal and diamond fashion jewelry did well last year, leading manufacturers to prioritize the metal.
Le Vian, for example, launched a new platinum collection at Jared in more than 130 stores, which has since expanded to 180 additional jewelry stores.
The jewelry brand’s 2020 platinum sales exceeded projections by 62 percent, PGI said, and it called platinum the “2021 Metal of the Year” in its Red Carpet Revue Trend Forecast.
The U.S. industry is expected to continue its recovery in 2021, showing strong sales in Q1 after a relatively strong holiday season.
PGI said it predicts platinum jewelry retail sales to grow for the eighth consecutive year by 7-12 percent year-over-year.
Meanwhile, the Japanese market saw significant disruptions from the second quarter of last year onward due to the pandemic and postponed Olympics, PGI said.
Platinum jewelry retail sales in the country were down 10 percent year-over-year.
PGI and its industry partners launched a collection-based marketing initiative called “Platinum Woman” to target younger Japanese consumers, marking the first time several of the country’s biggest retailers partnered on a shared sales platform.
The collection was carried on both e-commerce channels and in 200 physical stores. PGI said it reached over 10 million consumers aged 18-34 and will expand this year.
Platinum jewelry sales in 2021 in Japan are likely to have a “modest increase,” and PGI said it will continue to promote to younger consumers as well as affluent older consumers.
Related stories will be right here …
PGI retail partners in China meanwhile saw platinum jewelry sales decline 11 percent year-over-year.
Platinum jewelry growth seen in the second half of the year was driven by retail chains shifting focus toward platinum and expanding into new cities.
Manufacturers prioritized product innovation and new designs for collection-based products, and saw platinum as a driver of recovery, PGI said.
The organization launched “Reboot,” a province-by-province initiative to drive re-stocking of new products and large-scale sales activation.
It covered 1,277 retail stores and reached 13 million consumers, with year-on-year sales increasing up to over 40 percent.
And in India, which was perhaps most severely disrupted by extended lockdowns from March to September, the industry didn’t start to see sales momentum last year until October.
This meant PGI retail partners saw a 36 percent year-over-year decrease in sales in 2020.
PGI India aimed to help drive store traffic by adapting its existing social and digital media strategies, initiating the “Season of Hope” program to encourage consumers to get back into stores.
Participating retail partners in 300 cities reported a 33 percent year-over-year platinum jewelry sales increase during the promotional period, PGI said.
Also, in Q4 2020, PGI’s retail partners posted a double-digit year-on-year sales recovery, helped along by pent-up demand from deferred weddings, a sharp uptake in consumer sentiment, and the recovery program.
However, a severe second wave of COVID-19 has continued to impact the country, stalling consumer demand and keeping retailers cautious in the near term.
Globally, PGI said it predicts a K-shaped outlook for platinum this year—players who invest now will be able to gain market share “relatively inexpensively,” while those who rely on the market to lead recovery risk facing a challenge post-COVID environment, it said.
To read more about the results of the Platinum Jewellery Business Review, visit PlatinumGuild.com.
More on Surveys
The Latest
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
