Surveys

Platinum, Silver Jewelry Sales See Growth in U.S.

SurveysJun 11, 2018

Platinum, Silver Jewelry Sales See Growth in U.S.

Platinum Guild International and the Silver Promotion Service both reported double-digit growth in the categories in 2017.

20180611_cartier-platinum.jpg
These Cartier platinum earrings from the brand’s high jewelry collection, featuring diamonds and spinels, recently made a red carpet appearance at the world premiere of “Ocean’s 8” on actress Helena Bonham Carter.

New York—Platinum and silver jewelry sales are both on the rise in the United States, according to two recent surveys.

Strong demand in both the bridal and self-purchasing markets contributed to platinum’s double-digit growth in 2017, Platinum Guild International indicated.

PGI’s annual market analysis, which polled more than 90 manufacturers and 1,400 retail companies that operate about 13,000 retail outlets, concluded that platinum jewelry sales in the U.S. increased 11 percent year-over-year, marking the fifth year in a row the sector grew.

They attributed it to a strong economy and positive consumer sentiment.

“We saw above-market growth for platinum jewelry in three out of four key markets in 2017, including the U.S.,” PGI CEO Huw Daniel said. “This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewelry sector in 2018.”

Bridal is the strongest driver of platinum jewelry sales, and PGI indicated it sees a new opportunity in that arena via platinum crowns, which it said holds diamonds more securely in rings, regardless of the metal used in the shank.

According to PGI, their platinum crown marketing in the U.S. increased its sales by 10 percent year-over-year and is expected to continue in 2018.

In addition to bridal, PGI is targeting the self-purchasing consumer, citing the 2017 De Beers Diamond Insight Report, which showed that women purchasing jewelry for themselves represents 33 percent of the non-bridal diamond jewelry market.

To access this demographic, PGI has introduced a platinum collection of chain necklaces called “Platinum Born.”

“We have felt for a long time that there was room in the marketplace for a beautifully designed, well made, price-friendly platinum collection,” PGI-USA President Jenny Luker said. “After concluding extensive focus groups and market research, Platinum Born fulfilled what the female self-purchasing consumer was looking for.”

The Silver Institute’s Silver Promotion Service, meanwhile, also reported growth for silver jewelry sales for the ninth consecutive year that it has commissioned a retailer survey, this year performed by InStore.

Retailers polled noted that on average, overall silver jewelry sales in 2017 increased 17 percent year-over-year and represented 36 percent of their unit volume and 29 percent of their dollar volume.

Approximately 57 percent of retailers said silver jewelry had the best inventory turnover rate, and 51 percent said the category had the best maintained margins during the 2017 holiday season.

The majority of retailers surveyed demonstrated confidence in silver jewelry sales in 2018, with 93 percent saying they are optimistic the category’s sales will continue to grow.
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

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