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
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
