In its latest ‘Platinum Jewellery Business Review 2023’ report, market organisation Platinum Guild International (PGI) says Japan remains the biggest platinum market per capita, where platinum is synonymous with good jewellery.

The precious metal has a 27.1% unit share in the Japanese jewellery market, with women being the predominant customers.

Against the 2022 total average jewellery unit price of $750, the platinum jewellery average unit price was $1 220 in Japan.

PGI says the Japanese platinum market is poised to grow beyond this year, not least owing to positive consumer sentiment, following a heightened interest in jewellery in 2022.

Platinum sales in 2022 exceeded the one-trillion yen mark for the first time in 14 years.

PGI says Japan has immense market potential, with nine-million young consumers having the will and means to buy jewellery for themselves. The country has a high employment rate of 81.4% and 63% of surveyed consumers saying individuality and expression is important in their fashion makeup choices.

PGI is helping to position platinum as a strong, but delicate metal in the country among women customers.

In China, growth in luxury purchases are increasingly driven by lower-tier cities. China, with its half-a-billion middle-class consumers and more than 500 tier three and four cities, the opportunities are immense.

However, 2022 was a challenging year for the platinum jewellery market in that country, as it lost two quarters of economic activity owing to lockdowns and lower floor traffic.

Last year saw platinum jewellery fabrication dipping by 32% year-on-year in China.

The biggest challenge PGI sees the platinum market experiencing in China is ta new trend in buying 24 karat gold jewellery, owing to the jewellery being easily returnable at a slightly discounted spot price, and owing to its ability to be intricately designed.

This calls for innovation in platinum jewellery in China, with PGI positioning platinum as a jewellery piece that is elegant and testament to tenacity.

Moreover, India remains one of the world’s fastest growing economies, with strong domestic demand drivers. The country has a mature jewellery market and a deeply entrenched jewellery culture.

In 2022, India saw a 20% increase in platinum jewellery fabrication year-on-year. PGI expects the market to continue enjoying double digit growth this year, with the organisation focusing on growing jewellery sales for young, affluent Indian men.

PGI is positioning platinum as a product of character and resilience.

Meanwhile, PGI says that, despite elevated inflation and global economic headwinds, jewellery demand has remained strong in the US.

The US is the largest consumer diamond market in the world, with platinum often employed as the setting metal for engagement rings and wedding bands. Platinum jewellery sales in the US recorded a 9% increase in 2022, compared with 2021.

Although PGI does not expect a year of record growth this year, it says platinum will likely remain in positive territory.

In this market, PGI also focuses on promoting platinum as a fashion-forward, strong metal, with nothing else like it in the market.