Jewellery specialist 7879 saw its revenue grow by 140% for the year ending December 2023, reaching £3.6 million, up from £1.5 million the previous year.
Platinum jewellery now makes up almost 60% of 7879’s total sales, highlighting its appeal amid the ongoing cost-of-living crisis. Customers are focusing on value and price, avoiding non-essential luxury items.
Looking ahead, 7879 aims to move towards profitability and improve margins in the coming year.
The company has introduced a new, patent-protected strength enhancement technique for platinum jewellery. This technology ensures that pure platinum pieces are durable enough for everyday wear, matching the strength of other materials.
Sach Kukadia, co-founder of 7879, stated that the company is the first jeweller in the UK, Europe, and the US to offer this innovation. He explained, “The patented technique we’ve used to create the classic 7879 Wedding Ring has the potential to transform the platinum jewellery market. We are the first and only retailer in these regions to offer pure platinum jewellery that’s more durable and hard-wearing.”
Despite being rarer and denser than gold, pure platinum is trading at less than half the price. Kukadia emphasized their goal of encouraging the purchase of luxury jewellery as an investment. Their dynamic pricing model prices each piece by weight, avoiding heavy mark-ups for branding, making high-quality platinum jewellery more accessible.
This development comes as gold prices hit record highs in 2024, rising 30% since February 2022 due to the cost-of-living crisis.