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PGI reports recovery in jewellery sector

29th June 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

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Marketing organisation Platinum Guild International (PGI) has noted a recovery in demand in the jewellery sector, led by gold jewellery, in the first quarter of this year.

The organisation notes in its latest ‘Platinum Jewellery Business Review’ report that the recovery followed the end of Covid-19 restrictions, particularly in Asia.

Further, the year-over-year decline in platinum fabrication and retail sales among PGI partners narrowed in the first quarter; however, strong headwinds remain, the organisation says.

PGI also notes that China’s economy saw a promising start to the year, with strong consumption, coupled with a stabilisation in the pace of manufacturing and investment.

“Amid the global slowdown impacting the economy, India remains focused on growth with a strong budget. The jewellery industry saw moderate growth in the first quarter, which slowed down in March owing to high and volatile gold prices.

“Platinum, as a high-margin category, continued to outperform with double-digit growth,” states PGI.

PGI also points out that the end of Covid-19 restrictions helped Japan pivot its economy back towards growth in the first quarter, despite rising inflation.

The country’s jewellery sales, meanwhile, have expanded again for the eighth consecutive quarter. Sales of platinum jewellery increased by 1.4% year-on-year during the quarter, showing a stronger recovery compared with the final quarter of last year.

In the US, gross domestic product slowed, but consumption levels have stayed relatively resilient.

“Along with the downward trend of the overall jewellery industry sales in the country, platinum jewellery saw a dip in retail sales this quarter, as it was coming from an exceptionally strong 2021 and 2022,” PGI points out.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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