Platinum Guild International (PGI) publishes the Q2 2021 Platinum Jewellery Business Review (PJBR), which shows that platinum jewellery, especially branded collections, remains resilient amidst a still challenging situation in retail in most markets. Based on PGI’s quarterly survey among manufacturers, retailers and jewellery consumers, the Q2 2021 PJBR report examines the sustained positive sentiment in precious jewellery consumption in Japan, the US and China despite headwinds from the new Delta variant.
The US: Strong consumer spending supported by vaccinations and economic recovery brought remarkable growth in jewellery retail sales, fuelling positive trade sentiment in Q2. According to the Q2 consumer survey, confidence in in-person shopping has also improved in the US: 63% of Americans felt completely or mostly comfortable about in-store shopping for jewellery in Q2.
Platinum jewellery unit sales from PGI strategic partners doubled, while ounce sales also jumped by 48% compared with the same quarter last year, driven by considerable growth in gemstone fashion jewellery and bridal jewellery. An increased number of retailers has created dedicated platinum programmes, especially via branded collections, leveraging platinum to capture high-spending consumers and benefit from high-ticket prices.
Despite strong competition from gold products, the popularity of platinum branded collections remained robust, as retailers continued to introduce new platinum products with innovative technology and contemporary designs through those branded collections to bring new excitement and novelty to consumers. This partly offset declines in generic products sales and resulted in 6% YoY growth in PGI partner retail sales in the first half of 2021.
Electroforming platinum could be a highlight in the second half as several manufacturers will launch and promote such products. Platinum jewellery with various materials such as coloured stones, enamel, and melee diamonds could provide the needed stimulus later this year to continue to attract interest from retailers and consumers.
With the pandemic ongoing and new Delta variant, uncertainty is a significant risk to businesses and industries. As retailers and businesses continue to improve dedicated platinum strategies and ensure a high-quality and safe shopping experience for consumers, PGI expects to see sustained recovery from most jewellery partners in the second half of 2021.
For the full PJBR Q2 report, please visit: https://platinumguild.com/research-publications/platinum-jewellery-business-review/.
About Platinum Guild International
Founded in 1975, Platinum Guild International (PGI) is the world’s leading authority on the platinum jewelry industry and is dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewelry. PGI has specialist teams dedicated to raising awareness of platinum jewelry, developing demand for platinum jewelry through consumer and trade facing programs in the four key jewelry markets of China, India, Japan and USA. For more information, please visit www.platinumguild.com.
