The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Product Pulse: How Are Your Platinum Jewelry Sales?
National Jeweler/Jewelers of America’s latest survey shows they are holding steady for a lot of jewelers.
New York--Sales of both platinum bridal and fashion jewelry have stayed steady or increased over the past three years for the majority of jewelers, National Jeweler/Jewelers of America’s latest survey shows.
Conducted in mid- to late May, the Product Pulse poll asked jewelers about their sales of platinum engagement rings and platinum fashion jewelry over the past three years, as well as their margins and best-selling brands in both categories. About 189 retailers completed the survey.
Of those, 65 percent reported steady (48 percent) or increasing (17 percent) platinum engagement ring sales over the past three years, while the remaining 35 percent said their platinum engagement ring sales have slipped.
Results were similar for sales of platinum fashion jewelry. Fifty-seven percent of respondents reported increasing (6 percent) or steady (51 percent) sales while 43 percent said they have seen sales decline in the category over the past three years.
When it comes to turning a profit on platinum sales, both engagement rings and fashion jewelry perform well, according to the retailers surveyed.
Fifty-two percent of survey-takers reported overall gross margins of 41 percent or higher on platinum engagement rings while 55 percent reported margins in the same range when selling fashion jewelry in the white metal.
When asked about the designers and brands that are best-sellers in their stores, many survey-takers told National Jeweler/Jewelers of America that custom jewelry is their best bet, which also is what jewelers said about gold jewelry and bridal sales.
“Our own brand sells the best,” one respondent wrote. “Next would be Verragio.”
Another noted, “We do custom platinum bands or special orders from specialty manufacturers like Leo Ingwer.”
Popular brands for platinum bridal included Martin Flyer, Gabriel & Co., Simon G, Hearts On Fire, Stuller and Tacori.
Custom also was the most-given response when survey-takers were asked about best-sellers in platinum fashion jewelry.
National Jeweler and Jewelers of America conducted the Product Pulse survey between May 20 and 28.
The Latest
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Despite the rising prices, consumers continue to seek out the precious metal.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.