China’s GDP slowed in Q3 with the lowest rate in 2021, primarily driven by a power crunch, supply chain bottlenecks and government regulation on industries such as real estate and tutoring. The jewellery market sustained growth but at a slower pace, according to PGI’s (Platinum Guild International) latest Platinum Business Review.
Gold squeezed market share from other categories, including platinum.
PGI retail partners saw sales decline compared to the fast recovery in Q3 2020.
Picture courtesy of PGI
India’s economy is experiencing a V-shaped recovery after a lockdown period in H1 due to another wave of COVID-19.
Business rebounded, especially gold, buoyed by lower gold prices. Platinum jewellery sales from PGI strategic partners delivered notable growth, driven by early recovery programmes.
Japan’s economy faced challenges with a continuous state of emergency in Q3. The jewellery market continued to recover, but ongoing restrictive measures limited growth. Platinum sales grew on asset-type jewellery and new offerings. More young consumers entered the platinum category, partially thanks to the recent Platinum Woman campaign.
The US economy in Q3 faced headwinds from the pandemic, supply chain constraints and labour shortages, but retail sales remained strong. The jewellery industry drove an ongoing solid performance, and PGI business partners experienced double-digit sales growth after a robust first half.
Picture courtesy of PGI
