Branded collections are poised to become a driving force in the global platinum jewelry industry, according to insights from the 2023 Platinum Jewellery Business Review in London. Platinum Guild International (PGI) asserts that effective branding resonates with younger consumers, fueling growth across the United States, Japan, China, and India.
The US witnessed notable performance in the platinum jewelry industry, with a 9% retail sales growth despite economic challenges. The fashion-focused Platinum Born brand has empowered modern femininity and expressed individuality among younger American women. In 2022, the brand expanded platinum offerings into new channels, leading to a 60% increase in dollar sales compared to 2021.
Japan, a significant consumer of platinum jewelry, recorded the highest jewelry sales in 14 years in 2022. Aiming at young consumers, the Platinum Woman brand has seen a 69% value increase since its launch in 2020, seeding future demand.
In China, amidst a challenging economy, platinum jewelry fabrication dropped 32% in 2022. However, brands like Pt Moment are contributing to a post-COVID recovery by targeting young women with contemporary, affordable non-bridal jewelry. This brand increased its distribution from around 50 doors in 2018 to 1,800 in 2022, with a 11% sales volume growth during 2020-2022.
In India, where platinum was the top-performing jewelry category in 2022, the Men of Platinum brand caters to the country’s 12.2 million young, affluent, urban men. This niche market witnessed a fivefold increase in sales and a doubling of distribution since the brand’s inception.
Huw Daniel, CEO of PGI, concluded, “Branded collections are a major growth engine for the future of the platinum jewelry industry.” Each market exhibits its unique path, reflecting the needs of local consumers, but the branded approach remains a consistent factor in global growth.
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