Despite ongoing challenges escalated by the pandemic, platinum jewelry retailers and manufacturers report a sustained recovery across three of four key markets in the latest Platinum Jewellery Business Review (PJBR) Q1 2021 report by Platinum Guild International (PGI). The strong momentum is also evidenced by a recent consumer survey which highlights continued positive consumer sentiment and strong appetite for precious jewelry that mark special moments in difficult times. For the full PJBR Q1 report, visit: Platinum Jewellery Business Review Q1 2021.
“The jewelry industry has seen precious jewelry demand return in the first quarter of 2021, but the recovery could slow in some markets as subsequent waves of COVID cloud the outlook. Other than accelerated trends within the industry, what we’ve seen in the last year is a renewed enthusiasm for platinum. Jewellers are increasingly engaging with this precious metal, which has been effectively marketed as a metal of meaning and become important as consumers look for ways to symbolise and mark occasions in restricted and unprecedented times,” says Huw Daniel, chief executive officer of PGI.
A market-by-market platinum jewelry industry review
PGI USA also recently announced a new initiative “Platinum Business Development Grant” to support partners that are committed to make platinum a strategic focus of their business to target future growth.
The sustained recovery indicated in the PJBR Q1 report reflects an overall positive momentum across key markets, buoyed by pickup of consumer interest and trade confidence, but future growth could be hampered by surging coronavirus cases in some markets and the returned competition of spending on other categories.