Surveys

Platinum Jewelry Sales Continue Their Record Growth

SurveysApr 19, 2022

Platinum Jewelry Sales Continue Their Record Growth

PGI said its U.S. partners recorded their best performances in 2021.

Mémoire’s pavé silk half round diamond band, featuring approximately 1.64 total carats of diamonds in platinum ($5,495)
New York—Continued sales growth in the last quarter of 2021 resulted in a record year for platinum, the Platinum Guild International said.

According to PGI’s Platinum Jewellery Business Review Q4 2021, its partners in the U.S. reported their best performance yet last year, with an average year-over-year growth of 30 percent in the fourth quarter.

Almost all platinum product categories rose double-digits in Q4, PGI added.

PGI said year-end sales saw a 15 percent increase in 2021 when compared with 2020, which was already up 3 percent over 2019.

In fact, according to the PGI USA Retail Barometer, sales growth has seen a constant increase since 2014.

PGI said the results made evident the success of its business grant program, designed to boost the growth of the U.S. platinum jewelry market by inspiring manufacturers and retailers to make the metal a focus of their business. 

Grant recipients Helzberg, Memoire, and Kwiat, for example, expanded their business at rates ranging from 40 percent growth to triple-digit growth in Q4, PGI said, as the companies focused their merchandising, marketing, education, and customer experience on the platinum category. 

Several grant recipients also rolled out new exclusive platinum designs in time for holiday shoppers. 

The organization will open its grant program to another round of applications in 2023.

“The PGI grant was a catalyst for our organization to focus our distribution on selling platinum. We now shelf stock, and overnight ship, our bestselling diamond bands in platinum within a range of ring sizes,” said Jacqueline Grande Raffi, senior director of Memoire. 

“Additionally, during a time when our retailers were struggling with staffing shortages, we made it easier and faster for their teams to access information and order through our B2B site … Our platinum sales growth was over 146 percent, far outperforming gold sales … and, more importantly, far outpacing the industry growth during a record-breaking year.”

The strength of platinum sales last year mirrored the performance of the overall jewelry category in the U.S.

According to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, the jewelry sector saw year-over-year growth of 60 percent in the U.S. in 2021.

So far for 2022, it said U.S. jewelry retail sales had increased nearly 20 percent year-over-year in January, followed by a 22 percent increase in February, and a 106 percent increase in March when compared with the prior-year period. 

 Related stories will be right here …
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

AuctionsNov 23, 2022
This Sapphire Tiara Once Owned by a Danish Princess Is Going to Auction

The Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.

FinancialsNov 23, 2022
Movado Lowers Guidance Amid ‘Uncertain’ Retail Environment

Its Q3 sales dipped as inflation took its toll on shoppers in the U.S. and Europe.

MajorsNov 23, 2022
De Beers Jewellers Is Popping Up in Connecticut

The temporary store is the result of a collaboration with Betteridge.

Brought to you by
Knowledge and Skills for Today’s Hot Topics

From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.

CollectionsNov 23, 2022
Piece of the Week: Rembrandt’s Turkey Charm

Charm fans will gobble up this festive “Piece of the Week” pick.

Weekly QuizNov 18, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
AuctionsNov 22, 2022
Jewelry Recovered from Sunken ‘Ship of Gold’ Heads to Auction

The S.S. Central America sank in 1857 off the coast of South Carolina, carrying tons of gold from the California Gold Rush.

IndependentsNov 22, 2022
See the Greek Jewels Going to Auction for Charity

Several Greek jewelry designers have donated pieces to the annual Hellenic Initiative silent auction.

Brought to you by
Diamond Shoppers’ 2022 Holiday Wish List

Give your customers the best diamond buying experience this holiday season.

Events & AwardsNov 22, 2022
Hodinkee to Receive Gem Award for Watch Excellence

Plus, see this year’s list of nominees for the Jewelry Design, Media Excellence, and Retail Excellence awards.

SourcingNov 22, 2022
Head of Australian Miner Burgundy Diamond Resigns

The company announced the resignation of Peter Ravenscroft late last week, effective immediately.

SourcingNov 21, 2022
Provenance Proof Launches Online Marketplace for Traceable Gems

Debuting today, it is open to Provenance Proof blockchain users.

TechnologyNov 21, 2022
Version 2.0 of the NDC’s ‘Assure’ Directory Is Now Live

Assure is the program the Natural Diamond Council launched in 2019 to test lab-grown diamond screening devices.

MajorsNov 21, 2022
JK Findings Acquires Intercept Silver & Jewelry Care

Intercept Silver & Jewelry Care distributes anti-corrosion and anti-tarnish products.

MajorsNov 21, 2022
David Yurman Just Opened a Palm Beach Outpost

It’s located on famed shopping street Worth Avenue.

EditorsNov 18, 2022
9 of My Favorite Pieces from the AGTA Spectrum Awards Editors’ Day

Senior Editor Brecken Branstrator’s highlights include a chrome tourmaline ring, a giant opal necklace, and an American mined stone.

CrimeNov 18, 2022
Jewelry Store Security Guard Killed in Armed Robbery

Police in Calumet City, Illinois are looking for several suspects involved in the robbery of a jewelry store in the River Oaks Mall.

MajorsNov 18, 2022
AGS Adds Sumit Dangi to Board of Directors

Dangi is global chief financial officer and treasurer at Jewelers Mutual Group.

CollectionsNov 18, 2022
Piece of the Week: Tabayer’s ‘Oera’ Pendant

The brand’s signature shape is rendered in an autumn-appropriate color palette.

GradingNov 17, 2022
GIA Labs Report Receiving 2 Moissanites Submitted as Diamonds

The discoveries were outlined in the Lab Notes section of the fall 2022 issue of Gems & Gemology.

MajorsNov 17, 2022
Boucheron’s Magical Holiday Campaign Has Landed

“Boucheron Wonderland” showcases best-selling styles, high jewelry, and some familiar faces.

MajorsNov 17, 2022
At eBay’s New Pop-Up, Pre-Owned Luxury Goods Are Currency

The temporary space in New York’s Diamond District lets shoppers trade in one authenticated luxury item for another.

SourcingNov 17, 2022
De Beers’ Oct/Nov Rough Sales Total $450M

As in September, the company’s sales were up slightly year-over-year but down month-to-month.

GradingNov 17, 2022
Professor of Artificial Intelligence Among Additions to GIA Board of Governors

Lake Dai, who teaches at Carnegie Mellon University, joins the board alongside Rosy Blue Managing Director Russell Mehta.

AuctionsNov 16, 2022
One More Big Pink Diamond Heads to Auction, With $35M Price Tag

It follows a few other notable fancy color diamonds at auction this fall, with mixed results.

CollectionsNov 16, 2022
There’s a New Jewelry Destination in Greenwich, Conn.

Serpentine Jewels has branched out from its private jeweler beginnings to a ready-to-wear collection and a Connecticut townhouse.

WatchesNov 16, 2022
Rolex Names New Group President

A filing made in Switzerland shows Nicolas Brünschwig now holds the top position at one of the most popular brands in the world.

Events & AwardsNov 16, 2022
These Pearl Jewels Won the 2022 CPAA Design Competition

The Cultured Pearl Association of America held its 13th annual International Pearl Design Competition this fall.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy