Platinum’s continued popularity in the China market, particularly among younger consumers, can help drive the jewellery industry’s recovery and development, said speakers at the 2020 China Platinum Jewellery Forum.

Organised by Platinum Guild International (PGI China), the event from December 2 to 5 in Shenzhen highlighted innovation and expertise to create a brighter future for the platinum jewellery industry in the country. It was attended by retailers, wholesalers, manufacturers and representatives of related industries.

During the Platinum Jewellery Business Forum, PGI China Managing Director Pui P. Poon cited the strategies and activities in 2020 that helped lift the popularity and image of platinum jewellery among consumers and rejuvenate the trade’s passion for platinum. 

One major objective was to encourage partners to place strategic importance on platinum in their recovery plan. As a result, platinum jewellery production grew 13 per cent year-on-year in the third quarter of 2020 while retail sales of platinum jewellery from PGI’s partners recorded a year-on-year increase of 5 per cent. 

Poon said, in 2021, PGI China will continue to leverage this momentum and the positioning of platinum as the metal to drive sustained growth. 

As the younger generation of consumers is a major driver of discretionary and luxury spending, tapping this segment is a key goal for jewellery brands. Speakers from PGI China and research firm Youthology discussed the consumption habits and values system of Gen Z consumers and their implications on the industry.

Calvin Yeap, consumer marketing director of PGI China, stressed the need to engage with younger consumers with values, activities and channels native to them. Since today’s youth struggle to stay true to themselves, platinum’s qualities of fortitude and endurance can inspire them to remain steadfast in their pursuits. 

PGI China Innovation & Product Development Director Tai Wong said the properties of hard platinum alloys – wearproof, brighter, harder to deform, allowing for firm setting, among others – are crucial for product and design innovations. Technical developments in electroforming and 3D printing will also empower designers to develop more sophisticated and relevant designs. 

Marketing endeavours

Surviving and thriving in a fiercely competitive and fast-changing market requires the right marketing approach.

Shawn Pei, Chow Tai Fook Jewellery Group’s general manager of Product Merchandising (Platinum & K-gold), revealed how technical innovations in products became the foundation of their marketing model, resulting in great success in their platinum branded collections. 

Ma Jianying, chairperson of Handan Zhaodu Gold and Jewellery, said concerted efforts of industry players over the years have yielded considerable gains for the platinum jewellery market. She urged the trade to take a long-term view of the platinum jewellery business. 

I-Primo became a PGI partner this year. Senior Merchandise Manager Imai Toshihiko and Senior Marketing Manager Mao Jianqing said platinum jewellery accounted for up to 92 per cent of their sales in Japan. In China, I-Primo's platinum-focused jewellery are increasingly popular.

Product and technical innovation

The Platinum Jewellery Exhibition showcased the latest creations of 12 leading jewellery manufacturers in China. Livestreaming sessions opened up the event to virtual visitors.

Highlights included products from the 2020 Pt Moment collection, which has been well received due to its contemporary designs and a narrative that pays tribute to the tenacity of young women.

Since millennials and Gen Z members have become the main consumer group for the platinum jewellery market, their digital-powered lifestyle is shaping new consumption trends. Innovative designs and techniques are essential to cater to this consumer segment that tends to embrace individuality and unique experiences, PGI China noted.

At the Platinum Jewellery Technical Forum, Josh Helmich from Helmich Luxury Group spoke of casting and hard platinum techniques and explored the properties of new alloys and the prospects of hard platinum.

Chen Jian, deputy general manager of YDR International shared innovations and R&D updates in platinum electroforming techniques. Sam Tang, general manager of Orfin High-Tech International, and Damiano Zito of ProGold, jointly presented the latest developments in platinum 3D printing.