Retail News CRM

Tag: platinum jewellery

  • Platinum Jewellery Continues Strong Growth from The Global Wedding Industry

    Platinum Jewellery Continues Strong Growth from The Global Wedding Industry

    Princess Eugenie of York and Jack Brooksbank will marry on 12 October at St. George’s Chapel at Windsor Castle in the United Kingdom, just months after Prince Harry and Meghan Markle signified their love with platinum jewellery, the metal of choice for love gifting.

    The tradition of men wearing wedding rings is said to have started in early 20th during the World Wars, as a way for soldiers to be reminded of their wives and family. However, male royalty typically do not wear wedding bands. Breaking with royal tradition, Prince Harry chose to signify his love and union to actress Meghan Markle with a platinum wedding band. According to the official website of the British Royal Family, both Prince Harry’s wedding band and Meghan Markle’s tiara were set in platinum.

    The current Royal family has a tradition of wearing wedding jewellery set in platinum. Queen Elizabeth’s engagement ring was designed by Prince Philip, with a 3ct diamond set in platinum. Princess Eugenie’s mother, Duchess of York, wore the York Tiara on her wedding day, a platinum piece by Garrard, with leaf and flora motifs.

    Historically, platinum is associated with the best jewellery houses and designers this is due to its strength, never-fading white colour and long-lasting value, platinum is preferred for bridal jewellery setting in many markets, and a platinum crown is the securest way to hold a diamond or gemstone.

    Platinum Guild International (PGI)’s consumer marketing and educational programmes develop awareness and appreciation for platinum’s unique qualities as a precious metal for fine jewellery. Known as pure, rare and eternal, the metal has often been associated with love-gifting, and preferred in the wedding market.

    “Around the world we see key growth and increased popularity for platinum jewellery with relation to the global wedding market. The younger generations see platinum as a metal of love. Looking at the acquisition of wedding bands as well as beyond to love-gifting occasions, platinum is the predominant metal of choice when it comes to precious jewellery to say I love you,” says Huw Daniel, CEO of Platinum Guild International.

    In the United States, the 5th consecutive year of growth for platinum jewellery consumption at 11% in 2017 mainly comes from strong sales in bridal jewellery including engagement rings and wedding bands.

    In Japan, platinum holds an astonishing 92% share of the engagement ring market and 82% share of wedding rings and is continued, dominating the bridal jewellery category.

    In China, platinum is associated with eternal love and has been doing very well in the bridal category and the market has grown 22% between 2014 and 2016 in Tier 1 to 3 cities.

    For young India, PGI is tapping into modern couples’ desire for jewellery that better represents the bonds of love in a modern relationship between equals. Platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion.

  • Global Wedding Market Expected to Drive 2018 Platinum Jewellery Market

    Global Wedding Market Expected to Drive 2018 Platinum Jewellery Market

    Platinum Guild International (PGI) published the findings of its 2017 Platinum Jewellery Business Review revealing that wedding markets around the world have become strongholds for platinum jewellery across China, Japan, the U.S. and newly emerging in India. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in the wedding segment for 2017, even outperforming gold in some areas.

    “We saw growth for platinum jewellery with relation to the wedding market in all four of the key markets in 2017. This trend is mostly tied to a strong preference for platinum among younger consumers to express love, together with a robust global economy and historically low platinum prices, indicates growth potential in the platinum jewellery sector in 2018,” says CEO Huw Daniel of Platinum Guild International.

    In China, despite continuing market challenges at the total market level, PGI has seen strong growth in platinum acquisition in the core bridal category. According to a consumer study covering 55 cities in Tier 1 to 3, platinum bridal acquisition volume has increased by 22% compared to 2014. Platinum has become the dominant precious metal for wedding rings. China annual brand tracking survey shows that consumers strongly associating love with platinum and far ahead of other metals. Bridal jewellery is a gateway purchase leading to subsequent platinum jewellery purchases for anniversaries, birthdays and milestone occasions, which provide opportunities for growth to be further explored in 2018.

    For young India, PGI has created a distinct positioning for platinum versus gold, tapping into modern couples’ desire for jewellery that better represents the bonds of love in a modern relationship between equals. Through the Platinum Days of Love Campaign, platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion. The market is led by love-gifting with local organised retailers finding footholds for platinum within the gold-dominated wedding category. The introduction of a new branded segment, Platinum Evara, a modern platinum jewellery collection gifted to the bride and groom before the wedding day has carved out a distinctive niche for platinum and created a new jewellery segment for the industry.

    In  Japan where platinum has a strong presence, platinum holds an astonishing 92% share of the engagement ring market and 82% share of wedding rings. Platinum is expected to continue dominate in bridal jewellery in the coming years.

    Strong results for platinum in bridal are also mirrored in the West. In the United States, the economic recovery and a bullish consumer sentiment has benefited the total jewellery industry, leading to the 5th consecutive year of growth for platinum jewellery consumption at 11%. The growth mainly comes from strong sales in bridal jewellery including engagement rings and wedding bands. In 2018, additional growth is expected to derive from initiatives promoting the use of platinum crowns that hold diamonds more securely, regardless of the choice of metal for the rest of the ring, along with increasing demand from the self-purchase category, which is likely to generate 8-11% of total growth in the U.S.

    Lees ook:

    Lees ook: