Platinum Guild International (PGI) today published the findings of its 2017 Platinum Jewellery Business Review revealing that two key trends — young consumers, and bridal — are emerging to contribute to platinum demand growth in 2018. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in India, the US and Japan for 2017, even outperforming gold in some areas.
“We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewellery sector in 2018,” commented PGI Chief Executive Huw Daniel.
PGI Managing Director India Vaishali Banerjee noted, “Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India. The rarity of the metal, the designs inspired by global trends and the distinct emotional positioning of platinum makes it the preferred choice of millennials. The outlook for 2018, is strong given that both Platinum Love Bands and Platinum Evara are getting embedded in our culture and the business opportunity that platinum offers to retailers is incremental and sustainable.”
India has become the engine of platinum jewellery growth globally. Despite continued challenges from new legislations, the industry has seen retail sales reported in platinum ounces up 21 percent year-on-year for the PGI program and fabrication ounce demand growing at 34 percent year-on-year. A strong preference for platinum among young consumers is one of the biggest contributors to the growth of platinum jewellery demand in India.
Platinum has also made significant inroads into the bridal market, hitherto completely dominated by gold.