On track to achieve its 9th consecutive year of growth for platinum jewelry sales, PGI USA is predicting a white metal ‘wave’ in 2023.
For many in the jewelry industry, it will be a white Christmas. While Mother Nature may or may not cooperate, manufacturers and retailers alike are experiencing notably strong sales of platinum jewelry as they enter the final eight weeks of the selling season. A combination of a favorable metal price and consumer demand are resulting in double-digit growth for many companies.
When asked about the state of their platinum business, many manufacturing executives were quick to share their positive position on the metal:
“Platinum offers two major advantages in the bridal category. First of all, at today’s metal market, consumers can truly afford the premier precious metal. Secondly, it allows jewelers to position themselves as providing top quality along with superior service and trust, thereby maximizing the lifetime value of that client. Closing the gap between consumers’ preferences and consumers’ final purchases is always a big growth opportunity. Across our portfolio of jewelry brands, from ArtCarved engagement rings to Goldman wedding and anniversary bands, we’re posting year over year double-digit growth and anticipate that trend continuing through 2023.” – Jonathan Goldman, CEO, Frederick Goldman, Inc.
“A.JAFFE has been creating platinum bridal jewelry since its inception in 1892. Platinum has always elevated our brand and even more so during the last two years as brides are demanding diamonds of the highest quality set in the most prestigious metal”. – Sam Samberg, Chairman, A.JAFFE.
A selection of platinum commitment rings from A.JAFFE
When asked, retail executives were equally as bullish on platinum:
“Platinum holds a high status in the fine jewelry industry, notably so at Robbins Brothers, resulting in an increase in overall value for our business throughout the years. We continue to see year-over-year double digit increases in our platinum sales, with strong interest from our guests as this remains a high priority and focus for Robbins Brothers.” – Sue Hopeman, Vice President of Merchandising, Robbins Brothers
“More of our customers than ever are choosing platinum for their engagement and wedding ring purchases. This luxurious and enduring metal, known for its rare and exceptional quality, is an essential part of the unparalleled selection of jewelry choices offered at Helzberg Diamonds.” – Julie Yoakum, President + Chief Merchandising Officer, Helzberg Diamonds Spokesperson
“Introducing guests to platinum has been an integral part of our success this year. With its added beauty and durability, it has offered a great benefit to them, while providing us with higher average sales and increased margins. We expect platinum to continue to be an important factor in our holiday season. In the short-term platinum sales have increased our average sale and margin percentage. In the long-term, platinum has increased customer satisfaction, and repeat purchases. A platinum engagement ring needs a platinum wedding band. (Or two!) When customers are looking for a gift with excellent value, platinum should always be a consideration.” – Leo Gerrior, Store Manager, South Portland, Day’s Jewelers
This year, PGI USA enacted various industry-focused programs, including annual business grants and strategic partnerships, to support manufacturers, brands, designers, and retailers to continue to prioritize platinum and grow that sector of their businesses. 2023 will see an increase in programming and an opportunity to establish new partnerships with the next class of grant recipients, all working towards a goal of promoting the power of platinum.