August 14, 2006
Platinum Jewelry Sales on the Rise in 2006
Based on consumer data and industry reports, sales of platinum jewelry, especially in the bridal category, are expected to rise substantially in 2006, according to Platinum Guide International USA (PGI-USA).
After 35% of jewelry retailers participating in PGI-USA's Preferred Platinum Partner Program reported an average 14% increase in platinum jewelry sales in 2005, spot surveys of retailers and manufacturers so far in 2006 show the trend continuing. One manufacturer, Novell Design Studio, reported an 8% increase in platinum wedding band sales since January, with particular growth among men's two-textured brands. Design houses A. Jaffe and Jeff Cooper also reported strong sales in that style, regardless of price.
In addition, retailers around the country are reporting strong sales growth in platinum jewelry. Fink's Jewelers in Virginia and North Carolina say platinum has grown 16% since 2005. The store's president and CEO Mark Fink credits the store's approach to selling on value rather than price for the increase in sale. Likewise, Dohono's Jewellers in Houston, TX, says platinum jewelry has growth 22% and Mervis Diamond Importers in Virginia, Maryland, and Washington, DC, says the category has grown 5%.
The Condé Nast Bridal Group's American Wedding Study shows that consumer spending on weddings overall has increased 83% in the past decade, with spending on bridal rings showing the highest growth in terms of dollar sales. The research also shows 81% of brides-to-be prefer platinum to other precious metals.