US Platinum Jewelry Demand Starts 2022 on a Strong Note
Retail ounce sales were up 23 percent year-over-year in Q1, according to the recent Platinum Jewellery Business Review.
According to the Platinum Guild International’s most recent Platinum Jewellery Business Review, platinum jewelry ounce sales at PGI’s U.S. partners were up 23 percent year-over-year in the first quarter.
Bridal jewelry and gemstone fashion jewelry saw strong momentum during the quarter with double-digit growth compared to the prior-year period, while diamond fashion jewelry sales jumped by double digits, according to PGI.
PGI also noted its branded collection, Platinum Born, saw sales double in Q1.
All of this came despite the U.S. GDP contracting by an annualized rate of 1.5 percent in Q1, reflecting decreases in private inventory investment, exports, and government spending.
Also, in March, inflation across all categories rose to historic levels—8.5 percent year-over year. The stock market rose during the month but then stumbled again on the last day of the quarter.
The Consumer Confidence Index was up slightly in March following a February increase, though it was still below January levels, and the Expectations Index maintained its downward trend amid increased concerns over rising prices and the Russia-Ukraine war, challenges that are expected to limit spending further in the months ahead.
Still, PGI said its U.S. partners are predicting positive results for the rest of 2022, noting the jewelry industry may have some insulation against continued inflation as luxury consumers are not yet feeling the squeeze.
Consumer Sentiment
PGI also conducted a consumer sentiment survey, interviewing 2,000 jewelry buyers and wearers from ages 18 to 65 in four key markets—China, India, Japan, and the U.S.—who have bought or expect to buy fine jewelry.
Results of the survey show that demand in most markets continues to recover from the COVID-19 pandemic, PGI said, however it noted that as it was conducted in mid-March, results don’t reflect the sentiments that might have been negatively affected by the latest lockdown measures in China.
Key insights from the March survey are as follows.
--The majority of U.S. consumers have plans to acquire non-bridal fine jewelry in the next 12 months—57 percent of surveyed consumers plan to buy jewelry for themselves and 62 percent plan to buy jewelry as a gift in the next 12 months, down from 63 and 67 percent in August 2021, respectively.
--More consumers plan to buy bridal in India, China, and Japan in the next 12 months compared with August 2021, while there is a decline in the U.S.
--American consumer sentiment towards the future economy has also dropped, with less than 40 percent believing it will improve within the next six months.
--Retail stores are still critical for jewelry sales and remain the top channel for jewelry purchases in all markets.
--Preference for online jewelry shopping has stayed relatively stable in Japan, China, and the U.S., while seeing a 3 percent increase in India.
--Consumers in the U.S. are showing a higher awareness of responsible sourcing of jewelry materials, and 72 percent of surveyed Americans said they believe responsibly sourced jewelry is important.
--Of all the key sustainability factors affecting jewelry buying decisions, 77 percent of Americans chose “responsibly sourced materials” as one of the top three important factors, which is up from 63 percent last August. Fifty-four percent chose “environmental impact,” and 51 percent chose “traceability of materials,” up 3 percent from last year’s survey.
The Latest
Drosos shared her top takeaways from a recent Botswana trip and her insights into the natural diamond market.
The retailer is expanding its footprint via retail partnerships, previously inking deals with Kohl’s and Macy’s.
Members will now have access to “eBay Concierge,” a white-glove dedicated customer service team.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The deadline to apply is March 29.
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
Ticketholders can dig for diamonds in the Arkansas park ahead of the eclipse viewing event on April 8.
Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
The versatile jewel pairs ancient Egyptian inspiration with a modern design.
The company’s rough sales improved for the third sales cycle in a row.
The spring application window closes on March 31.
It’s estimated to sell for up to $1.3 million at the upcoming sale on March 28.
It aims to support aspiring journalists, media professionals, content creators, and communicators.
“Ice Cold: An Exhibition of Hip-Hop Jewelry” will open at the New York City museum on May 9.
He succeeds David Bouffard, who is leaving Signet and the RJC next month.
Three winners will have their jewelry sketches turned into a real piece of jewelry in time for the holiday.
“Power of Couture” recalls Frédéric Boucheron’s love of fabric using diamonds and rock crystal.
A Harry Winston diamond necklace and other top lots failed to find buyers.
Lilian Raji offers advice to a business owner who is having trouble crossing the finish line with customers.
He brings 30 years of retail store management experience to the role.
At its annual gala, Diamonds Do Good will present awards to GIA, London Jewelers, and Lisa Bridge.
Vibrant gemstones, layered diamond pieces and brooches with a story stole the show.
The 2024 winners expressed gratitude to their teams, industry colleagues, and those who turn jewelry dreams into reality.
They are Marla Aaron, Marie Lichtenberg, and Jean Prounis.
The Jewelers’ Security Alliance will honor the industry veteran at its upcoming annual luncheon.
The annual video stars Pomellato CEO Sabina Belli alongside Jane Fonda and other celebrities and activists.
Sponsored by IGI