There was a mixed bag of performances across the main platinum jewellery markets in the second quarter, owing to factors such as Covid-19 and economic climates.

Industry organisation the Platinum Guild International’s (PGI's) Platinum Jewellery Business Review for the second quarter indicates that China experienced its worst Covid-19 outbreak since 2020 in the second quarter of this year, with unprecedented lockdowns implemented across the country since March.

Despite gradually improved store traffic, retail partner sales declined by 24% year-on-year, as businesses in multiple cities were affected, resulting in weaker consumer confidence.

However, jewellery sales are showing signs of early recovery in China, while branded collections and PGI’s targeted promotional programmes during the key shopping festivals are said to have helped boost partners’ performance.

The review further points out that India’s economy continued steady growth, despite the headwinds from geopolitical tensions, elevated commodity prices, volatile financial conditions and the lingering Covid-19 crisis.

It notes that strategic partners saw their platinum jewellery sales grow two to three times compared with the previous year, when the second wave of Covid-19 infections had disrupted business. This growth was mainly driven by the strong performance in April, Akshaya Tritiya and Season of Love.

Platinum jewellery sales from strategic partners experienced an increase of 110% in India compared with the same quarter of 2019, as retailers focused on driving higher margins through platinum jewellery, the review notes.

The review states that Japan’s economy rebounded from Covid-19, growing 2.2% in the quarter, driven by rising private consumption following the lifting of pandemic curbs at the end of March.

Platinum jewellery sales are noted to have been supported by an increased variety of higher-purity jewellery.

Fashion jewellery, including men’s jewellery, as well as asset jewellery, contributed to the growth.

Platinum remained a top-performing white precious metal in Japan in the period, with growth across all price points, the review notes.

The review shows that gross domestic product in the US contracted for the second quarter in a row, clouded by record-high inflation, supply chain constraints and the possible risk of recession.

However, jewellery sales were noted to have showed continued positive momentum, as PGI’s American partners reported another quarter of strong platinum sales growth, up by double-digits.

Despite inflation and risks over the Russia-Ukraine war, jewellery sales continued to exceed expectations with double digit growth in the period, the review notes.