HONG KONG, Sept. 7, 2021 /PRNewswire/ — Platinum Guild Worldwide (PGI) publishes the Q2 2021 Platinum Jewelry Enterprise Assessment (PJBR), which reveals that platinum jewelry, particularly branded collections, stays resilient amidst a nonetheless difficult state of affairs in retail in most markets. Primarily based on PGI’s quarterly survey amongst producers, retailers and jewelry customers, the Q2 2021 PJBR report examines the sustained constructive sentiment in valuable jewelry consumption in Japan, the US and China regardless of headwinds from the brand new Delta variant. For the complete PJBR Q2 report, please go to: https://platinumguild.com/research-publications/platinum-jewellery-business-review/
A market-by-market platinum jewelry trade assessment
Robust client spending supported by vaccinations and financial restoration introduced outstanding progress in jewelry retail gross sales, fuelling constructive commerce sentiment in Q2. In accordance with the Q2 client survey, confidence in in-person purchasing has additionally improved within the US: 63% of Individuals felt fully or principally snug about in-store looking for jewelry in Q2.
Platinum jewelry unit gross sales from PGI strategic companions doubled, whereas ounce gross sales additionally jumped by 48% in contrast with the identical quarter final yr, pushed by appreciable progress in gemstone vogue jewelry and bridal jewelry. An elevated variety of retailers has created devoted platinum programmes, particularly through branded collections, leveraging platinum to seize high-spending customers and profit from high-ticket costs.
The Japanese jewelry market confirmed outstanding progress in Q2 2021, with an elevated consolation degree for jewelry gross sales in-store. Q2 2021 jewelry gross sales noticed a big soar of 70.7% in models, in comparison with the worst-hit interval of COVID-19 in Q2 2020, whereas platinum jewelry unit gross sales additionally rebounded strongly by 68.5%.
Proactive precaution and vaccination measures from jewellers and customers alike have helped patrons return to luxurious buying. The upper share of totally vaccinated folks among the many older inhabitants is a constructive for the luxurious class as a result of greater spending energy of those age teams. With experiential purchases like journey and eating nonetheless not potential, jewelry retail gross sales and high-ticket items are benefitting particularly. Japan stays a constantly sturdy marketplace for platinum, unit gross sales of all worth factors for platinum jewelry soared towards final yr’s lows and platinum jewelry continues to be well-placed as worth polarisation continues.
The second wave of COVID-19 instances has brought about one other lockdown that disrupted the general financial system and the jewelry market in Q2 2021 within the second yr in a row. Reopened in June, most jewelry retailers are ready to make a comeback in Q3 by specializing in quick demand with wedding ceremony dates and key festivals between July and September. PGI estimates platinum jewelry gross sales from key strategic companions in Q2 to remain flat or register a small progress in contrast with the identical interval final yr. They’ve taken the initiative to construct consciousness across the reopening of their shops and guarantee prospects to make sure vaccination of their front-line staff and up to date security protocols as a key precedence.
The Indian Authorities has launched obligatory hallmarking for gold jewelry. This can put the trade in direction of additional consolidation, making a long-term benefit for the organised commerce, and consequently, platinum.
In Q2, the general Chinese language jewelry trade has seen a continued year-on-year improve, albeit at a slower charge, towards slowing total financial progress. Platinum gem-set fabrication elevated in contrast with the identical quarter final yr, pushed by pent-up bridal demand and the launch of latest collections and designs. Plain platinum jewelry fabrication was down year-over-year, partly resulting from market consolidation and a narrowed gold/platinum worth hole.
Regardless of sturdy competitors from gold merchandise, the recognition of platinum branded collections remained strong, as retailers continued to introduce new platinum merchandise with progressive expertise and up to date designs by these branded collections to convey new pleasure and novelty to customers. This partly offset declines in generic merchandise gross sales and resulted in 6% YoY progress in PGI associate retail gross sales within the first half of 2021.
Electroforming platinum may very well be a spotlight within the second half as a number of producers will launch and promote such merchandise. Platinum jewelry with numerous supplies resembling colored stones, enamel, and melee diamonds might present the wanted stimulus later this yr to proceed to draw curiosity from retailers and customers.
With the pandemic ongoing and new Delta variant, uncertainty is a big threat to companies and industries. As retailers and companies proceed to enhance devoted platinum methods and guarantee a high-quality and secure purchasing expertise for customers, PGI expects to see sustained restoration from most jewelry companions within the second half of 2021.
Platinum Jewelry Enterprise Assessment (PJBR)
The Platinum Jewelry Enterprise Assessment is an annual report revealed by PGI based mostly on surveys performed amongst PGI’s manufacturing and retail companions, along with trade surveys performed by unbiased sources, particularly analysing fabrication ounce demand, retail gross sales, and commerce sentiment within the 4 main platinum jewelry markets of India, China the US and Japan.
Platinum Guild Worldwide is a worldwide advertising and marketing organisation devoted to creating, increasing and strengthening client and commerce markets for platinum jewelry. By numerous applications each to customers and in collaboration with jewelry retailers and producers, PGI creates client ounce demand by figuring out and growing platinum jewelry alternatives with its companions. Jewelry growth has a powerful observe report in delivering outcomes. Since PGI was based in 1975, platinum jewelry has contributed over 80 million ounces of demand. PGI has places of work in China, Hong Kong SAR, India, Japan and the US.
Web site: www.platinumguild.com
SOURCE Platinum Guild Worldwide