Solid marketing campaigns that underscore platinum’s lustre and emotional appeal helped lift demand for platinum jewellery in the second quarter of 2022. 

Platinum Guild International’s (PGI) Platinum Jewellery Business Review (PJBR) Q2 2022 further revealed continued recovery in platinum jewellery sales in India, Japan and the US during the period in review amid the lingering impact of Covid-19 and rising inflation. 

India’s gem and jewellery industry enjoyed strong momentum in Q2, thanks to festivals of Gudi Padwa and Akshaya Tritiya, and the onset of the summer wedding season while in the US, retail sales continued to grow amid inflation and global supply chain issues. 

Platinum Born, the platinum-only women’s jewellery brand, unveiled a new creative campaign at the Couture show in June this year, opening up fresh opportunities and achieving high year-over-year growth in wholesale sales to retail partners, PGI said.

Japanese consumers meanwhile have returned to physical stores to purchase jewellery, resulting in a rebound in sales for platinum – the best-performing white precious metal in Japan. An increase in sales of high-purity and asset products, as well as fashion jewellery, contributed to the growth. Consumers showed interest in high-purity products while young consumers and online sales fuelled low-price point product sales. Platinum Woman released its summer collection and attracted younger consumers – lured by accessible prices and inspired by celebrity endorsements.

China, however, remains a challenging market amid strict lockdowns but promotional activities are gradually boosting consumer interest and sales.