US Demand Drives Platinum Sales Jump

RAPAPORT... Platinum demand grew 11% in the US last year amid strongbridal-jewelry sales, Platinum Guild International (PGI) reported. "The [US] economic recovery and bullish consumer sentimenthas benefited the [whole] jewelry industry, leading to the fifth consecutiveyear of growth for platinum-jewelry consumption," the trade organization saidlast week. "The growth mainly comes from strong sales in bridal jewelry,including engagement rings and wedding bands." In 2017, sales of platinum engagement rings in the USaccounted for 17% of total revenue at independent retailers and 5% at nationaland regional chains, according to the group. Platinum-jewelry demand rose 2.1% in Japan, with moderategrowth in the non-bridal sector and a slight decline in bridal, PGI said. Salesin China fell 2.8%, with a drop in both gifting and self-purchasing of platinumproducts, while the bridal category experienced strong growth. Indianconsumption soared 21%, with robust increases in all categories. US platinum sales will climb 8% to 11% in 2018, PGI forecast. Indiandemand will jump 20% to 25%, and consumption in Japan will increase 1% to 2%,while sales in China will decline 3% to 8%, the trade body predicted. "In 2018, additional [US] growth is expected to derive frominitiatives promoting the use of platinum crowns that hold diamonds moresecurely, regardless of the choice of metal for the rest of the ring, alongwith increasing demand from the self-purchase category," the group said.Image: 1791Rings