PLATINUM JEWELLERY NEWS – Growth in platinum jewellery demand continues in Q4 2023 in most of its key markets, PGI reports

0
36

HONG KONG – India’s jewellery market maintained its robust growth during the final quarter of last year. Japan enjoyed modest gains, and the United States was flat following a multi-year period of phenomenal post-pandemic performance.

At the same time, the Chinese market continues to be overshadowed by persistent challenges.

These trends are highlighted in the Q4 2023 Platinum Jewellery Business Review (PJBR), which offers valuable insights into the jewellery industry through a comprehensive evaluation of those four key markets. 

The review suggests that Platinum Guild International (PGI) has continued to play a vital role in all four markets, by organising dedicated promotions and marketing collaborations with retail partners that optimise overall demand for platinum jewellery.

PGI’s marketing efforts also raised awareness about platinum’s qualities and improved consumer sentiments towards the metal in these key markets. 

“PGI continues to support its strategic partners in culturally supportive and inventive ways, especially in our four key markets, through marketing promotions and sales training, as part of a team effort to build sales and improve platinum’s share of the jewellery industry. We also work closely with designers worldwide who create new designs and products that will appeal to a new generation of consumers, helping young adults discover the inherent strength and beauty of platinum,” says Tim Schlick, CEO of PGI. 

Findings by Key Markets

India — The wedding and festive season drove platinum sales amid sustained strong economic growth

India continued its growth streak for jewellery sales in Q4 2023, thanks in part to a strong wedding season that fell during this period, as well as a number of key cultural and religious festivals. PGI’s strategic partners estimated platinum jewellery sales volume grew by 15% YoY in Q4 2023.

PLATINUM JEWELLERY NEWS – Growth in platinum jewellery demand continues in Q4 2023 in most of its key markets, PGI reports

Image credit: Platinum Evara

Japan – Platinum jewellery sales returned to growth in Q4 and the popularity of Kihei jewellery continued

In Q4 2023, Japan’s total jewellery sales grew for an 11th consecutive quarter, and platinum jewellery sales returned to showing quarterly growth by increasing 2.6% YoY on a unit basis. Most product types grew in Q4, led by Kihei, and followed by engagement and wedding rings, pendants and necklaces, fashion rings, earrings and men’s jewellery.

United States – Platinum jewellery retains its historic level of demand in Q4

During Q4, PGI’s primary strategic partners reported a flat performance against the same quarter of 2022. Overall in 2023, platinum sales outperformed the rest of the market, leading to 2% growth.

China – Consumers continue to prioritise purchases of gold jewellery as quasi investments, eating into platinum’s share of wallet

The Chinese jewellery market witnessed some recovery momentum on a month-over-month basis in Q4, and the decline in platinum fabrication slowed, when consumption was impacted by the continued dominance of pure gold products. Current high gold prices begin to raise concerns about margins from the trade, giving platinum a window of opportunity in the mid-term.

In all four markets, PGI continued to work closely with its partners, to create positive momentum, strengthen platinum’s market position and make it a catalyst for future growth in the global jewellery industry leading into 2024. 

About PGI

Platinum Guild International (PGI) is a worldwide marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery. Through various programmes both to consumers and in collaboration with jewellery retailers and manufacturers, PGI creates consumer ounce demand by identifying and developing platinum jewellery opportunities with its partners. PGI has offices in China, Hong Kong SAR, India, Japan and the US.

Website: www.platinumguild.com

LinkedIn: https://www.linkedin.com/company/platinum-guild-international-2901/