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
Events & AwardsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
