Demand for platinum jewellery on the rise in China and Japan

Based on Platinum Guild International‘s report, which examines the sustained demand in precious jewellery consumption in Japan and China, the demand for platinum jewellery has seen a continued increase in China and Japan.
China’s platinum gem-set fabrication increased compared with the previous year, driven by pent-up bridal demand and the launch of new collections and designs, increasing demand for platinum jewellery in the country.  
Despite strong competition from gold products, the popularity of platinum branded collections remained robust, as retailers continued to introduce new platinum products with innovative technology and contemporary designs through those branded collections to bring new excitement and novelty to consumers. This partly offset declines in generic products sales and resulted in 6% YoY growth in PGI partner retail sales in 2021.
Platinum jewellery with various materials such as coloured stones, enamel, and melee diamonds provided the needed stimulus to continue to attract interest from retailers and consumers.
The Japanese jewellery market showed remarkable growth in 2021, with an increased comfort level for jewellery sales in-store. Jewellery sales saw a significant jump of 70.7 per cent in units, while platinum jewellery unit sales also rebounded strongly by 68.5 per cent, with jewellery retail sales and high-ticket pieces benefitting in particular.
Japan remains a consistently strong market for platinum, unit sales of all price points for platinum jewellery soared against 2020’s lows and platinum jewellery continues to be well-placed as price polarisation continues.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished