CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
MajorsNov 07, 2018
Platinum, Gold Record Positive Quarters
U.S. demand for platinum jewelry grew 9 percent in Q2 while demand for gold jewelry rose 4 percent in Q3.
These “Paper Clip” earring from Mastoloni are 18-karat yellow gold with 0.11 carats of diamonds and a 6-6.5 mm freshwater pearl in the curve ($900 retail). U.S. sales of gold jewelry increased 4 percent in third quarter due in part to increased consumer confidence, WGC said.
New York—Strong consumer confidence in the United States helped boost jewelry sales in the second and third quarters, respectively.
In its jewelry business review for Q2, PGI said its trade partners in the United States reported a 9 percent increase in platinum demand (in terms of ounces) year-over-year, adding to the 12 percent jump recorded in the first quarter.
The only market to record a stronger second quarter than the U.S. was India, where demand for platinum jewelry (in ounce terms) grew 26 percent. In China, demand slipped 4 percent while it was essentially flat in Japan.
On the year, U.S. sales of platinum jewelry are expected to grow between 8 and 11 percent.
“Consumers felt confident to spend,” PGI noted in its Q2 report, “supported by a low unemployment rate, increasing salaries and a tax cut.”
In addition to promoting platinum for bridal through “Platinum Crowns,” PGI introduced a collection of lower-priced platinum jewelry aimed at women who buy jewelry for themselves.
Launched during the Las Vegas jewelry trade shows, “Platinum Born” was “well received” and is expected to continue to expand, PGI said.
Also aiding demand for platinum fashion jewelry is “Paper Flowers,” the line Tiffany & Co. rolled out in May featuring platinum pieces set with diamonds and colored gemstones.
Meanwhile, U.S. gold jewelry demand grew 4 percent to 28.3 tons in the third quarter.
Economic confidence remained high throughout the quarter, and consumers spent more of their discretionary income on gold jewelry, particularly “plain yellow gold pieces,” the World Gold Council said.
The WGC also noted that the strong quarterly performances of Signet Jewelers and Tiffany are indicative of a more optimistic outlook for the U.S. jewelry market overall.
Worldwide in the third quarter, gold jewelry demand was up 6 percent to 535.7 tons.
Consumers in China and India bought more gold jewelry, incentivized in part by the metal’s falling price in Q3.
According to Kitco, the gold price hit its lowest point of 2018 in August, dipping to $1,178 an ounce. And at no point in the third quarter did the gold price reach the cumulative average for the year, $1,274.27.
Sales fell in Iran, Turkey and the United Arab Emirates. Demand in Europe was
essentially flat, increasing just 1 percent year-over-year.
More on Majors
The Latest
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
SourcingApr 25, 2024
De Beers Lowers Production Guidance for 2024The announcement came as the company reported a 23 percent drop in production in Q1.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
