Meanwhile in Japan, consumers’ affinity for platinum continues, spurred on in part by the growth in self-gifting that is evident in other markets. With the highest per capita consumption of platinum jewellery globally, platinum accounts for over 50 per cent of jewellery sold in Japan in value, and recent developments in its jewellery market have seen platinum continuing to take market share over white gold to remain the white metal of choice.
Platinum jewellery market development in the US is benefiting from a new e-commerce platform based on a ‘pop-up shop’ concept aimed at attracting seasonal gift purchases during the recent festive period and beyond. Working exclusively with New York-based designer Michael Bondanza, the 19-piece collection on offer includes rings, earrings and necklaces that will be available to purchase until Valentine’s day in 2020.
New consumer demand opportunities
Demand for platinum jewellery fell by 6 per cent in 2019 and is expected to fall by 3 per cent in 2020* as trading remains tough, especially in China, which still accounts for around half of the world’s platinum jewellery consumption.
Looking ahead, new marketing initiatives and design innovations by PGI and its partners have the potential to pave the way for possible future demand growth by building connections with another generation of consumers.
*Source: WPIC Platinum Quarterly, Q3 2019