In the latest findings from the 2024 Platinum Jewellery Business Review by Platinum Guild International (PGI), the organization reveals its strategies for cultivating demand for platinum jewellery across global markets.
Tim Schlick, CEO of PGI, emphasizes the importance of boosting sales and value for platinum jewellery partners. PGI achieves this through innovative approaches, technological advancements, and shaping consumer behavior. Schlick also notes their expansion into new markets and product categories.
The report highlights PGI’s tailored efforts in key regions:
In Japan, where platinum jewellery enjoys widespread acceptance, PGI has established platinum as integral to marriage ceremonies since 1975. Initiatives like “Thanks Days Platinum” and “Platinum Woman” target specific demographics, contributing to high adoption rates. Notably, platinum jewellery in Japan often becomes cherished heirlooms.
Facing challenges in China’s market, including economic slowdown and demographic shifts, PGI focuses on technological innovation. Collaborations and advancements in alloys and production methods help bridge the gap with gold, resulting in a plethora of new designs and applications.
In the US, where design dictates market trends, PGI collaborates with designers to expand platinum jewellery beyond bridal offerings. Programs like the Platinum Spotlight at the COUTURE Jewellery Show have spurred growth in non-bridal platinum pieces, reflecting shifting consumer preferences.
In India, traditionally a stronghold for gold jewellery, PGI targets younger consumers with strategic retail initiatives. By enhancing platinum’s visibility and promoting its benefits, PGI has significantly increased its market share, particularly through innovative designs and training programs for sales associates.
PGI’s efforts over the years have led to the creation of millions of additional ounces of platinum jewellery, spanning various markets. Schlick underscores the organization’s role in establishing demand where none previously existed, setting a strong foundation for future growth.