Platinum jewellery sales continue global recovery

Platinum jewellery sales have continued to recover in the key markets of India, Japan and the United States in the second quarter of 2022, despite the lingering effects of the pandemic and rising inflation, according to the latest platinum jewellery business review Q2 2022.

In part, it reports that the upswing has been fuelled by a series of marketing programmes “underscoring platinum’s lustre and emotional appeal,” supporting the industry’s demand to drive sales and margin growth post-pandemic.

India’s gem and jewellery industry enjoyed strong momentum in the second quarter of 2022 after businesses were disrupted for two years in a row. 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.

In the USA, the sector has outperformed overall retail, with platinum jewellery posting double-digit sales increases and strong retail sell-through results following a successful start of 2022.

Huw Daniel, CEO of PGI, said: “As consumers rejoice in the return of festivities and shopping after successive lockdowns, the industry’s marketing and promotional campaigns have renewed the appetite for platinum jewellery that is appreciated for its quality, worth and emotional value.

“At the same time, our manufacturing and retail partners are delivering diverse branded collections to drive margin growth and appeal to more customers.”