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.
Editors' Picks
Sponsored by
More on Surveys
The Latest
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
Events & AwardsOct 26, 2026
Support JFC’s ‘Monster Mash Challenge,’ If You DareVote for which jewelry professional should dress up as a monster to support Jewelers for Children’s annual Halloween fundraiser.
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
