Platinum demand grew 11% in the US last year amid strong bridal-jewelry sales, Platinum Guild International (PGI) reported.
“The [US] economic recovery and bullish consumer sentiment has benefited the [whole] jewelry industry, leading to the fifth consecutive year of growth for platinum-jewelry consumption,” the trade organization said last week. “The growth mainly comes from strong sales in bridal jewelry, including engagement rings and wedding bands.”
In 2017, sales of platinum engagement rings in the US accounted for 17% of total revenue at independent retailers and 5% at national and regional chains, according to the group.
Platinum-jewelry demand rose 2.1% in Japan, with moderate growth in the non-bridal sector and a slight decline in bridal, PGI said. Sales in China fell 2.8%, with a drop in both gifting and self-purchasing of platinum products, while the bridal category experienced strong growth. Indian consumption soared 21%, with robust increases in all categories.
US platinum sales will climb 8% to 11% in 2018, PGI forecast. Indian demand will jump 20% to 25%, and consumption in Japan will increase 1% to 2%, while sales in China will decline 3% to 8%, the trade body predicted.
“In 2018, additional [US] growth is expected to derive from initiatives promoting the use of platinum crowns that hold diamonds more securely, regardless of the choice of metal for the rest of the ring, along with increasing demand from the self-purchase category,” the group said.