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New Consumer Segments Driving U.S. Platinum Jewelry Growth

New Consumer Segments Driving U.S. Platinum Jewelry Growth platnium crowns event-49
[Pictured: The Platinum Crown event at Las Vegas Jewelry Show]

Platinum Guild International (PGI) publishes its Q3 Platinum Jewellery Business Review and PGI Insight on the US market, illustrating platinum has been improving its accessibility within the jewellery industry.

New Consumer Segments Driving U.S. Platinum Jewelry Growth platinum growth-91
[Image Credit: PGI Insight November 2018 “Sparkling Success: A Premium Metal Becomes Accessible in the US”]

As the third largest platinum jewellery market, platinum jewellery demand of trade partners in the US achieved strong growth of 18% for the third quarter compared to a year ago. Weddings continue to drive US platinum jewellery demand, and 24% of US consumers prefer platinum setting for a diamond ring due to its strength, never fading colour and quality to hold a diamond more securely.

Once educated, most consumers are willing to choose platinum crowns for their diamond jewellery even at higher costs. “We are seeing that new segments are being further developed beyond bridal, and branded collections are generating higher margins for the trade by better meeting consumers’ needs. Competitive platinum prices, differentiated product offering and effective marketing are making platinum more accessible and more desirable,” says CEO Huw Daniel of PGI.

Read more about the study here.

AT: 12/17/2018 06:42:48 PM   LINK TO THIS NEWSLETTER

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