With the rising price of gold, the closed price gap between 14K and platinum offers consumers more options in their price range.
The platinum market is expected to grow at a CAGR of more than 3 percent globally through 2025, according to a world platinum market report released in September by Research and Markets.
Stringent environmental regulations to reduce hazardous emissions from automobiles (with platinum used for exhaust systems) and increasing demand for platinum jewelry are driving the market, according to a statement regarding the research released in January.
The Asia-Pacific region represents the largest market for platinum. It is also expected to be the fastest growing over the next few years, attributed to increasing consumption from countries like China, India, and Japan, finds the report, where demand is mainly for platinum jewelry.
According to the report, China accounts for about 50 percent of the total platinum consumption in the jewelry segment. In contrast, India’s demand was estimated at 6 percent in the jewelry sector, with much room to grow.
Like other jewelry categories, Platinum jewelry saw sales fall in the first half of 2020 with the onset of the pandemic and rebound in the third and fourth quarters.
Kevin Reilly, vice president of Platinum Guild International USA (PGI-USA) told JCK magazine in September: “It felt like the industry rallied and had done a great job of managing their business. We’ve heard that the increase in platinum business was significant.” He added that the platinum bridal business recovered, helped by the fact that metal was trading for half the price of gold.
Fletcher says couples spend more on their wedding rings that will last a lifetime and less on the dress and event that might only be seen on Zoom. She reports pear-shaped diamond centers and platinum rings trending in custom orders. With the rising price of gold, she says the closed price gap between 14K and platinum offers consumers more options in their price range.
Platinum Jewelry Essentials
Promoting the concept of platinum crowns to ensure the security of essential diamonds, gemstones, and pearls is just as significant for timeless wardrobe staples like stud earrings and solitaire necklaces we wear daily.
The trend for personalized jewelry is easily translated into platinum jewelry, says Moynihan Helsel, like charms and pendants featuring initials, birthstones, zodiac signs, and other iconic symbols—engagement ring brand A. Jaffe, which offers platinum as an option for all its ring collections, does the same for its Maps by A. Jaffe charms collection, a personal heirloom keepsake in this precious metal.
Major Chinese retailers are seizing on this trend, promoting non-bridal platinum charm and pendant collections to great success.
The market for platinum jewelry beyond bridal is a new frontier that manufacturers are exploring. Moynihan Helsel is optimistic that the market will expand for platinum, a compelling precious metal and design element across jewelry categories.
Imagining the future in platinum jewelry design, PGI recently launched a partnership with Pratt Institute and its jewelry design department for a design competition that takes students from rendering through production.
“We could not be happier with the results of this inaugural program,” shared Kevin Reilly, vice president of PGI-USA, in a statement released in January, as the competition moved on to the production phase. “The submitted designs pushed the boundaries of innovative platinum design and have us excited to watch these talented young designers progress in their jewelry journey. The future of platinum jewelry is truly bright.”