Platinum is the precious metal that continues to have the highest perceived value among consumers and demand growth, building on an established bridal jewellery base, continues to be driven by young consumers, men's jewellery and female self-purchase, according to the results of the Platinum Guild International (PGI) 2019 Platinum Jewellery Business Review (PJBR).
While Japan continues to have the highest per capita consumption of platinum jewellery with a sixth year of consecutive one percent growth, India is the fastest-growing market, with PGI partners reporter a 26 percent growth in 2018 and PGI India projecting growth of between 15 and 20 percent in 2019. The US market has shown a 11 percent growth in 2018, driven by a strong bridal segment as well as increasing self-purchases by women.
“The platinum market in India has witnessed consistent growth on the back of our strong trade and marketing initiatives. Our strategic partners have reported a growth of 26 percent in platinum sales in 2018,” said PGI India Managing Director Vaishali Banerjee.
She added, “This year, PGI India will continue to work with strategic partners to expand its presence in Tier-2 cities to optimise the growing affluence and preference for platinum jewellery in these markets. The outlook for 2019 is strong and we expect a growth of 15 to 20 percent.”
Growth in the Indian market is being driven by young consumers and the men’s jewellery segment while the Japanese market reported that the key demand driver was heavier rings in the bridal segment, resulting in 4.5 percent growth by weight in bridal consumption of platinum.
This year’s PJBR surveys over 1,000 manufacturers and retailers, in addition to factoring in responses from over 1,000 consumers in the Nielsen Precious Metals Consumer Study, with respondents aged 18-65 years old, across 15 cities in China, India, Japan and the US.
“This survey demonstrates how platinum continues to sit atop global consumers’ precious jewellery metal hierarchy as the metal of highest perceived value, making it the natural choice for jewellery that holds a special place and meaning in their lives. Three of platinum jewellery’s key markets experienced growth, and all four markets witnessed expanded platinum jewellery offerings as the jewellery industry seized opportunities to go beyond platinum’s stronghold in bridal” says PGI Chief Executive Huw Daniel.