Platinum jewellery registered solid gains in the second quarter of 2024 on the back of soaring gold prices and effective marketing initiatives in key markets, according to the Platinum Guild International (PGI^®).

In its Platinum Jewellery Business Review Q2 2024, PGI said platinum generated enormous interest from independent retailers and major chains in the US in the second quarter. Its strategic partners reported a 6.8 per cent year-on-year increase in platinum jewellery sales, while four jewellers of the Platinum Business Development Grants achieved double-digit sales growth. The Inoveo platinum alloy launched by PGI USA in June was likewise positively received in the market.

Japan saw a modest 0.8 per cent year-on-year increase in platinum sales, driven by high-purity Pt950 products including Kihei chain products, pendants and necklaces, reflecting strong demand from both Japanese consumers and foreign visitors.

In China, platinum jewellery outperformed gold and diamond categories. While platinum sales of PGI’s retail partners dropped 17 per cent year-on-year, this still marked an improvement over the 27 per cent decline in the first quarter. 

PGI attributed the slower pace of decline to some retailers and wholesalers shifting their focus to platinum amid rising gold prices and weakened consumer confidence, while more manufacturers replenished their platinum inventory. These factors boosted platinum jewellery fabrication, particularly in May and June.

Over in India, platinum jewellery sales were flat in Q2 as business was disrupted by general elections and a severe heat wave in April and May. Demand for platinum however picked up in June, buoyed by the integrated marketing campaigns for the Men of Platinum Collection during the Indian Premier League and the ICC T20 Cricket World Cup.

“Platinum means quality and understated luxury. Discerning shoppers understand the value and attributes of platinum compared to gold,” explained Tim Schlick, CEO of PGI. “With the price of gold fluctuating at record highs and more diversified platinum offerings, jewellers are turning to platinum once again. PGI’s marketing efforts on the ground in different countries also help build an understanding of and appreciation for this premium metal among jewellery lovers.”