U.S. platinum jewelry sales rose 3.4% in 2020 last year, according to the annual Platinum Jewelry Business Review from Platinum Guild International (PGI).
This marks the seventh year in a row U.S. platinum jewelry sales have grown, and PGI expects to see similar modest growth over the next year.
The first quarter has already seen robust sales, PGI said, “driven by a booming stock market, effective roll-out of vaccinations and improved economic conditions.” It also called 2020 holiday sales “relatively strong.”
The group credited the increase in part to the COVID-19 pandemic, with many retailers using shut-down factories as an opportunity to sell aged inventory. It also noted that the pandemic had led customers to prioritize meaningful gifts, leading to an increase in jewelry sales in general.
PGI’s annual retailer survey showed that more than half of the over 300 retailers it surveyed reported growth in platinum jewelry unit sales in 2020, with only 37% reporting a decline.
Also helpful: Le Vian’s introduction of a platinum collection at Signet’s Jared chain, and the brand naming platinum as the 2021 Metal of the Year in its annual Red Carpet Forecast.
“At PGI, the challenger mindset is central to an approach that has enabled platinum to punch above its weight in a jewelry category dominated by gold and diamonds,” said Huw Daniel, CEO of PGI, in a statement. “From the outset, we approached the pandemic as an opportunity for platinum to be a key driver of the industry’s recovery efforts.”
(Photo courtesy of Platinum Guild International)