In MasterCard Spending Pulse’s reports, sales growth in the jewellery sector dipped by 3.8% YoY in October and declined by 5.4% from 1 November to 24 December in the USA.
In line with this trend, Platinum jewellery sales declined by 7% YoY in Q4 2022. However, Platinum Guild International (PGI) anticipates an overall growth year for the platinum jewellery business, granting partners reported double-digit platinum sales growth in Q4 and the full year.
In the US, enthusiasm for platinum jewellery continues to expand as independent retailers who have not carried platinum earlier have added platinum collections, and those who have carried platinum have increased their stock levels by converting white gold inventory to platinum.
Also, incentive programmes in Q4 in platinum jewellery in the major chains have resulted in a renewed focus on platinum business with key retail partners. PGI USA’s efforts have resulted in a significant reduction in the use of 95/5 Iridium as a casting alloy, ensuring better quality products, a better-educated manufacturing community and more satisfied consumers.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
In line with this trend, Platinum jewellery sales declined by 7% YoY in Q4 2022. However, Platinum Guild International (PGI) anticipates an overall growth year for the platinum jewellery business, granting partners reported double-digit platinum sales growth in Q4 and the full year.
In the US, enthusiasm for platinum jewellery continues to expand as independent retailers who have not carried platinum earlier have added platinum collections, and those who have carried platinum have increased their stock levels by converting white gold inventory to platinum.
Also, incentive programmes in Q4 in platinum jewellery in the major chains have resulted in a renewed focus on platinum business with key retail partners. PGI USA’s efforts have resulted in a significant reduction in the use of 95/5 Iridium as a casting alloy, ensuring better quality products, a better-educated manufacturing community and more satisfied consumers.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
