According to a recent study by Platinum Guild International USA (PGI-USA), the provision of information regarding platinum's intrinsic value and inherent characteristics may be the decisive factor whether men purchase platinum bridal jewelry, says the www.israelidiamond.co.il portal.
PGI-USA conducted the research through several focus groups in Atlanta and Chicago. The interviewees were pre-engaged, engaged and married men between the ages of 24 and 53.
PGI-USA President Huw Daniel stated: "As a recent survey by Conde Nast Bridal Group showed, platinum is the most highly desired metal for wedding and bridal jewelry. By fully understanding the men's bridal-jewelry-purchase process, we will be better equipped to help our partners fulfill their customers' desire for platinum and maximize their profitability through increased platinum bridal-jewelry sales."
The research indicated that two aspects about platinum that most impressed the men are the metal's natural white color and its ability to hold a diamond securely. The men also stated that they liked the metal’s heft, which they associate with durability.
In accordance with the results, PGI recommends that salespersons implement a "Platinum Drop Test" during their conversation with the prospective customer in order to demonstrate the metal’s weight. After instructing the customer to hold out his hand, palm open and up, the salesperson should drop a white gold engagement ring into his hand, followed by a platinum engagement ring.
Participants in the focus groups were also impressed by platinum’s rarity. Daniel noted: "It came as no surprise that our research revealed men were more likely to purchase platinum bridal jewelry after learning about its rarity."
Findings from the focus groups also indicated that men are attracted to the idea of "metal harmony" between the engagement ring and his and her wedding bands.
Commodity Online reports that the global economic meltdown is affecting the Chinese economy as well, israelidiamond.co.il writes. According to Chinese government statistics released in the beginning of the year, only 35% of the 6.1 million students who will graduate from college this year will find a job. Marriage, which apparently serves as a buffer from temporary unemployment, is becoming an appealing lifesaver among women in their senior year at university.
Matchmaking agencies across China are reportedly experiencing a sudden boom as a growing number of college seniors are signing up for their services.
According to demographical statistics, babies born during a birth peak in China in the mid to late 1980s will be of marriageable age from 2009 to 2014.
With so many marriages predicted in the near future, the gold jewelry market is poised to enjoy the upcoming boom. Over ten million couples are expected to marry annually in China, which will undoubtedly boost sales of wedding jewelry.
Reportlinker.com reports that the Chinese jewelry market was valued at around $17 billion in 2008.
The transition of part of the Chinese jewelry business to the eCommerce market also indicates that the globalization trend for jewelry purchases is here to stay, providing the Chinese jewelry sector with additional drive.
According to the Reportlinker.com report, Chinese consumers are becoming increasingly affluent and many of them are seeking ways to maintain the value of their newly acquired wealth by investing in something that maintains its value, such as gold.
China has become the fifth largest holder of gold bullion in the world and has doubled its gold reserves to 1,054 tons since 2003.
According to Jewelry Retailer, the online auction website eBay has reported a 200% rise in the number of engagement rings listed in the past three months.
According to the electronic magazine, the average cost of a wedding in the UK is now more than £20,000, www.israelidiamond.co.il says. Due to high costs and the painful recession, eBay is now benefiting from the effects of the crunch as engaged couples strive to cut back on expenses.
EBay is quoted as stating that the average price of an engagement ring on its website is £31. The online auction website has also reported a rise in sales of other wedding-related items, including wedding dresses.
Antique jewelry retailers also report good sales since the beginning of 2009. Many customers opting for second-hand rings believe that antique jewelry offers better value.
