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Why millennial brides and grooms are going platinum

12 September 2018

The millennial wedding market has become a key driver of platinum jewellery demand in China, Japan, the US, and in the newly emerging market in India

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According to the Platinum Guild International (PGI)’s quarterly Business Review, platinum jewellery is likely to see continued demand growth as a new generation of brides and grooms view platinum as the ultimate representation of modern love.

The findings come in the wake of this year’s British royal wedding, which saw platinum jewellery feature strongly: Prince Harry opted for a platinum wedding band while Meghan Markle’s tiara was set in platinum.

Huw Daniel, chief executive officer of the PGI, said, “We saw growth in platinum jewellery in 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. This indicates growth potential in the platinum jewellery sector.”

Key markets setting a trend for platinum

In China, the PGI has seen strong growth in platinum sales in the core bridal category. A new tradition of exchanging wedding bands between brides and grooms has helped to drive substantial growth in platinum pair rings. Findings from the China Platinum Acquisition Survey showed that platinum accounted for over 50% of pair ring acquisition.

In India, young couples increasingly see platinum jewellery – by virtue of the metal’s durability and strength – as a fitting representation of the modern bond in a relationship between equals.

Platinum already has a strong presence in Japan, holding a 92% share of the engagement ring market and 82% share of the wedding ring market.

Strong results for platinum in the bridal sector are also mirrored in the West. In 2017, the US posted its fifth consecutive year of growth in platinum jewellery consumption (up 11% year on year). This trend is set to continue with the increase coming mainly from strong sales in bridal jewellery, including engagement rings and wedding bands.

A long-term driver of demand

Jewellery accounts for 32% of platinum demand globally and, in 2018, further growth is expected as a result of the PGI’s ongoing initiative, in the US, to promote the use of platinum crowns that hold diamonds more securely. The guild is also running a number of collaborative marketing campaigns in new segments and towards new demographics.

Alongside platinum’s role as the premier precious metal, it is also an in-demand industrial commodity with broad uses across the medical, manufacturing and automotive sectors. Platinum is also increasingly being viewed as a precious investment asset with demonstrable diversification benefits in a private portfolio or pension plan.

Investors seeking exposure to this premier precious metal have a broad range of options to consider including online bullion accounts, physical bars and coins, and exchange-traded funds.

 

• For more information on why platinum is the choice for weddings, visit: www.platinumguild.com.

• The Platinum Jewellery Business Review is available for download from the PGI’s website.

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Contacts:

Brendan Clifford, Institutional Distribution, [email protected]
Vicki Barker, Investor Communications, [email protected]
Edward Sterck, Research, [email protected]

WPIC does not provide investment advice.
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