India emerges as the standout leader, boasting double-digit year-over-year retail sales growth among the world’s top four platinum jewellery markets.
India has come out on top in Q2 as the strongest performer with double-digit year-over-year retail sales growth among the top four global platinum jewellery markets, while Japanese and American platinum jewellery shoppers have demonstrated some resilience, according to the Q2 2023 Platinum Jewellery Business Review (PJBR).
“PGI remains committed to its mission of enhancing platinum’s appeal and driving sales growth for our valued partners,” said Huw Daniel, CEO of 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.”
India: Bridal and festive campaigns alongside retail activations drove platinum sales – Platinum jewellery experienced substantial growth 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% YoY 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 have facilitated higher conversions and active upselling from the gold and diamond sections.
Japan: Kihei jewellery and men’s pieces spurred a steady platinum growth streak – Jewellery sales have demonstrated a consistent recovery overall in Japan, boasting nine consecutive quarters of growth. Platinum jewellery sales also enjoyed an increase of 1.2% YoY in Q2 2023. 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 enjoy double-digit growth in Q2 partner sales.
United States: Sales softened from high growth in the same period last year – While most PGI business partners reported lower sales in the platinum jewellery sector in Q2 2023, the 10% average dip is tempered by year-over-year comparisons to the double-digit increases recorded in Q2 2022. PGI 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, emphasising its commitment to promoting platinum’s appeal in this market and driving sales.
China: Retail sales suffered amid economic slowdown and consumer caution – After a promising start to 2023, pick-up momentum for China’s jewellery market was hindered in Q2 by weak consumption power as well as soaring gold prices. Amidst this challenging market situation, retail performance in the platinum sector by PGI partners fell by 17% YoY. 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 20 May festival, covering 33 stores of a large chain retailer that achieved a sales value growth rate of 120% during the promotion period.