She is remembered by loved ones as a “guiding force” behind the store and an active presence in her community.
Platinum Jewelry Sales Rose 5% in US Last Year
The market saw its 4th consecutive year of growth, benefiting from its favorable pricing compared with gold.
New York--Despite a tough year for jewelry overall, platinum jewelry fared well in 2016, according to a survey done on behalf of Platinum Guild International.
The Platinum Jewellery Business Review is an independent study commissioned by PGI inquiring about the performance of over 22,000 retailers across four markets: China, India, Japan and the U.S.
The report measures consumer retail sales data of platinum jewelry in 2016 and projections for the coming year.
While gold jewelry demand suffered a bit in 2016--decreasing 1 percent in the U.S. and 15 percent worldwide--platinum’s performance was “more nuanced,” PGI said, ranging from a contraction in China, moderate to strong growth in Japan and the U.S., to very strong growth in India.
Platinum jewelry sales in the U.S. were up more than 5 percent last year, marking the 4th consecutive year of sales growth for jewelry made in the precious metal.
Manufacturers and retailers attributed the growth in their platinum business to its favorable pricing relative to gold, PGI said. (According to Kitco, the cumulative average per-ounce price of platinum last year was $988.74, while gold’s average was $1,250.74).
Demand for engagement rings and wedding bands--the primary opportunity for platinum jewelry sales--also is up not only among independent jewelers but for majors as well.
And according to another survey, conducted by MVI Market Research, 77 percent of retailers reported that their 2016 platinum sales were the same or higher than the prior year.
The retailers surveyed also said they see platinum as a key differentiator in their markets and that stocking platinum jewelry helps attract a new customer base to their stores.
PGI CEO Huw Daniel said, “Platinum’s relative strength in challenging market conditions is rooted in the unique space that platinum occupies in the jewelry category, bought more for its emotional meaning, and less for wealth preservation and transference. Increasingly, the jewelry industry sees platinum jewelry as a differentiated margin driver that has a distinctive role within their business portfolios.”
PGI also said it expects a good year for platinum, with growth expected to be in the range of 5 percent to 7 percent, on the back of new marketing initiatives and a continued focus on platinum education for technical and sales associates fueling growth for the fifth year.
The Latest
The emerald earrings reference objects from designer Melinda Zeman’s childhood.
The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
Ho Brothers offers scalable solutions for the future of custom jewelry.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.