Platinum Guild International (PGI) reports a continued recovery in platinum jewellery sales in India, Japan and the United States in the second quarter of 2022, despite the lingering effects of the pandemic and rising inflation. The upswing is attributed to a series of marketing programmes underscoring platinum’s lustre and emotional appeal.
India’s gem and jewellery industry enjoyed strong momentum in the second quarter of 2022 after businesses were disrupted for two years. PGI’s strategic partners reported gains of 2-3 times compared to a year ago, and 110% growth from the same quarter in 2019. As store traffic increased, retailers focused on driving higher margins through sales of platinum jewellery.
The Platinum Season of Love (SOL) returned with a month-long digital media campaign, delivering a sales jump of more than 100% over the 2019 programme.
In the USA, retail sales growth remains positive, instilling confidence in the market. Platinum jewellery sales continued the hot streak, with partners posting double-digit sales increases and outstanding retail sell-through results following a successful start of 2022. The Platinum Born, the platinum-only women’s jewellery brand unveiled a new creative campaign adding new doors and achieving high year-over-year growth in wholesale sales to retail partners.
The Japanese consumers returned to shops with confidence during Q2, and jewellery sales recovered for the fifth quarter, with a push towards platinum, which saw y-o-y unit sales increase by 9.8%. An increase in sales of high-purity and asset products, as well as fashion jewellery, contributed to the growth. ‘Platinum Woman’ released the summer collection and attracted robust sales from younger consumers.
China’s jewellery market witnessed a gradual recovery from May, sales were still under pressure in the second quarter. PGI’s retail partners performed better in the challenging environment than their peers, despite a y-o-y decline in sales. More than 35,000 pieces were sold during the “Booster 2022” shopping programme in Guangzhou and Jiangsu and the “Platinum Journey of Love” initiative in Wuhan delivered a 50% y-o-y increase in sales.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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