India beats US, China, Japan in second-quarter platinum retail sales

11th October 2023 By: Darren Parker - Creamer Media Contributing Editor Online

India beats US, China, Japan in second-quarter platinum retail sales

India has come out on top in the second quarter as the strongest performer, with double-digit year-on-year retail sales growth, among the top four global platinum jewellery markets, while Japanese and US platinum jewellery shoppers have demonstrated some resilience. 

This was evident from the results of the second-quarter ‘Platinum Jewellery Business Review’ (PJBR) published by global platinum marketing organisation Platinum Guild International (PGI). 

“The positive results achieved in multiple markets validate the success of our strategic programmes and have solidified platinum’s position as a key value generator in the evolving landscape of the jewellery market,” PGI CEO Huw Daniel said on October 11. 

The PJBR analyses the retail sales of platinum jewellery, trade performance and consumer sentiment in PGI’s four key international platinum jewellery markets – China, India, Japan and the US. 

The PJBR is updated quarterly throughout the year. Research for this report is conducted via surveys among a large sample of platinum retail jewellers and manufacturers in each market. 

In India, platinum jewellery experienced substantial growth in the second quarter, compared with the same quarter of 2022, driven by a strong bridal season, the Akshaya Tritiya festival season and the effectiveness of retail activation programmes.  

PGI’s strategic partners reported an average growth of 23% year-on-year in platinum jewellery retail sales, attributed to the impactful campaigns for Platinum Love Bands and Platinum Evara; a successful Platinum Seasons of Love retail push; and the effectiveness of PGI’s training programmes, which facilitated higher conversions and active upselling from the gold and diamond sections. 

Meanwhile, jewellery sales demonstrated a consistent recovery overall in Japan, registering a ninth consecutive quarter of growth. Platinum jewellery sales also enjoyed an increase of 1.2% year-on-year in the second quarter.  

Notably, Kihei platinum jewellery exhibited the strongest growth, followed closely by men’s jewellery. The Platinum Woman-branded collection targeted at younger generations of female consumers continued to experience double-digit growth in the second quarter. 

In the US, while most PGI business partners reported lower sales in the platinum jewellery sector in the second quarter, the 10% average dip was tempered by year-on-year comparisons with the double-digit increases recorded in the second quarter of last year.  

PGI said it continued its efforts to solidify platinum’s position in the US market through initiatives such as the Couture Spotlight programme and platinum-focused education and retail training. 

After a promising start to the year, pick-up momentum for China’s jewellery market was hindered in the second quarter by weak consumption power and soaring gold prices.  

Amid this challenging market situation, retail performance in the platinum sector by PGI partners fell by 17% year-on-year.  

Despite weaker sentiment, PGI actively engaged with its partners, through promotions and events, to drive platinum sales during key shopping occasions.  

For example, the Booster 2023 sales activation in Liaoning and Guangdong, in May, drew participation by almost 1 500 doors from 37 retail brands.  

PGI also co-hosted a Love Day Promotion during the May 20 festival, covering 33 stores of a large chain retailer that achieved a sales value growth rate of 120% during the promotion period.