US Sales of Platinum Jewelry Strengthen

RAPAPORT… US platinum demand grew in the third quarter as retailers stocked up for the holidays amid a robust period for the jewelry market, according to Platinum Guild International (PGI).

Sales of platinum jewelry at the trade organization’s US retail partners rose 34% year on year by weight for the three months, it said this week in its quarterly business review. The category has been strong for more than a year, the group added.

“Sentiment among independent retailers and jewelry manufacturers has been positive,” PGI said. “Their balance sheets are strong, since they have reduced aged inventories during the pandemic shutdown and are more engaged with consumers through an upgraded omni-channel strategy.”

In China, however, sales fell 22%, reflecting sporadic Covid-19 outbreaks and economic difficulties that affected the wider jewelry sector, PGI added. Japan saw a decline of 0.7%, while sales in India jumped by 55% to 60% as the market bounced back from virus-related restrictions a year earlier.

Image: Platinum jewelry. (PGI)