Surveys

US Platinum Jewelry Demand Starts 2022 on a Strong Note

SurveysJun 29, 2022

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.

PGI said sales of its Platinum Born collection, pictured here, doubled year-over-year in Q1.
New York—Despite supply chain challenges and economic obstacles associated with the Russia-Ukraine war, platinum jewelry sales in the U.S. started the year on a strong foot.

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. 

 Related stories will be right here … 

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.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Lab-GrownAug 12, 2022
Report: State Bank of India to Begin Lending to Lab-Grown Producers

The loans will go mostly to the import of machinery rather than working capital, according to a recent article from The Economic Times.

FinancialsAug 12, 2022
Brilliant Earth’s Fine Jewelry a Hit in Q2

The company is also continuing its retail expansion.

AuctionsAug 12, 2022
2 Rolexes Paul Newman Gave to Stuntman Stan Barrett Head to Auction

The sale also will include a third Rolex, with all three watches tied to Barrett’s 1979 attempt to break the world record for land speed.

Brought to you by
The American Mined™ Collection: Ethical Sourcing That Matters

Rio Grande provides a pathway to responsibly sourced gemstones.

CollectionsAug 12, 2022
Piece of the Week: İTÄ Jewelry’s ‘Danza’ Ring

It mixes diamond shapes and colors.

Weekly QuizAug 11, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
Supplier BulletinAug 11, 2022
AGTA GemFair™ Denver – Back and Better Than Before!

Sponsored by AGTA

AuctionsAug 11, 2022
Sotheby’s Is Preparing its First Art Jewelry Auction This Fall

“Art as Jewelry as Art” features works from artists like Salvador Dalí, Alexander Calder, and Max Ernst.

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.

IndependentsAug 11, 2022
Martin Katz Is Moving to a Penthouse

The jeweler is relocating his Beverly Hills store after 20 years and has begun developing a lifestyle brand.

MajorsAug 11, 2022
Brilliant Earth Opens First Missouri Showroom in St. Louis

It’s the company’s seventh showroom opening this year.

Events & AwardsAug 11, 2022
HRD Antwerp Is Bringing Back Its Jewelry Design Competition

The Belgian organization is calling for entries from all over the world, with an eye on attracting emerging talent.

ColumnistsAug 10, 2022
On Data: What We Know About Jewelry Sales So Far This Year

Sherry Smith digs into year-to-date data on lab-grown vs. natural diamonds, the performance of colored gemstone jewelry, and more.

EditorsAug 10, 2022
Take a Tour Through Buccellati’s Vintage Jewelry Collection

Associate Editor Lenore Fedow leads readers through the Italian jeweler’s works from the 1940s to the 2000s.

CrimeAug 10, 2022
Smash-and-Grab NY Thieves Flee with $2M in Jewels

The NYPD is still searching for the four suspects who robbed Rocco’s Jewelry in the Bronx.

Events & AwardsAug 10, 2022
JA New York Returns with New Designer Gallery

The jewelry trade show is taking place Aug. 14-16 at the Javits Center in New York City.

MajorsAug 10, 2022
GIA Is Now a Sponsor of AGS Young Titleholders

The sponsorship will help fund programs and initiatives in the upcoming year.

MajorsAug 09, 2022
Signet to Buy Blue Nile in $360M Deal

The jewelry giant said the acquisition will allow it to tap into a pool of customers who are younger, more affluent and ethnically diverse.

TechnologyAug 09, 2022
Tiffany & Co.’s CryptoPunk Pendant NFTs Are Sold Out

There were only 250 made available, selling for more than $50,000.

CollectionsAug 09, 2022
Cora Sheibani Shows a Magic Garden of Jewelry at Sotheby’s

The British-based Swiss designer’s “Pottering Around” collection is for sale at Sotheby’s East Hampton starting this week.

SourcingAug 09, 2022
Diamond Price List Introduces ‘Insights’ Platform

It provides real-time diamond market analytics.

SourcingAug 09, 2022
Grandview Klein to Donate Dialysis Machines to Namibian Clinic

The diamond firm will give the donation at a ceremony in Namibia this month during a trip for select retail jeweler partners.

CrimeAug 08, 2022
Nehal Modi Sentenced to 3-9 Years in Grand Larceny Case

He was convicted last month after falsely claiming he had a deal with Costco in order to obtain millions in diamonds from LLD Diamonds USA.

TrendsAug 08, 2022
Amanda’s Style File: Spicy Spinels

Tough, vibrant, and full of personality, spinel is a perfect birthstone for August babies, Amanda Gizzi says.

IndependentsAug 08, 2022
Gemist, NDC to Offer Custom Pieces by BIPOC Designers

Dorian Webb, one of the designers in the Emerging Designers Diamond Initiative, will be the first to work with Gemist.

MajorsAug 08, 2022
Here’s How to Support Jewelers for Children this JFC Day

The charity will hold its fifth annual fundraising day on Sept. 24.

SourcingAug 05, 2022
Rare Earth Mining Co.’s Bill Heher Dies at 72

The passionate gem lover helped bring more than 300 different varieties of stones to the gem trade.

TrendsAug 05, 2022
Piece of the Week: Storrow Jewelry’s ‘Emblem Rosa’ Charm

The brand has attracted attention for its colorful, vintage-inspired pieces.

×

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