In its latest Platinum Jewellery Business Review (PJBR) for the fourth quarter of 2023, marketing organisation Platinum Guild International (PGI) has reported that India’s jewellery market maintained its robust growth during the final quarter of last year, while Japan enjoyed modest gains, and the US was flat following a multiyear period of phenomenal post-pandemic performance.
The Chinese market, however, continues to be overshadowed by persistent challenges.
The report states that India continued its growth streak for jewellery sales in the quarter, thanks in part to a strong wedding season that fell during this period, as well as a number of key cultural and religious festivals. PGI’s strategic partners estimated platinum jewellery sales volume grew by 15% year-on-year in the quarter.
In the fourth quarter of 2023, PGI reports that Japan’s total jewellery sales grew for an eleventh consecutive quarter, and platinum jewellery sales returned to showing quarterly growth by increasing by 2.6% year-on-year on a unit basis.
It explains that most product types grew in the quarter.
Moreover, PGI notes that, in the US, platinum jewellery retained its historic level of demand in the fourth quarter of 2023. PGI’s primary strategic partners reported a flat performance against the same quarter of 2022.
Overall in 2023, platinum sales outperformed the rest of the market, leading to 2% growth.
Meanwhile, PGI reports that the Chinese jewellery market witnessed some recovery in momentum on a month-over-month basis in the fourth quarter of 2023, adding that the decline in platinum fabrication slowed when consumption was impacted on by the continued dominance of pure gold products.
PGI explains that current high gold prices begin to raise concerns about margins from the trade, giving platinum a window of opportunity in the mid term.
In all four markets, PGI says it continued to work closely with its partners, to create positive momentum, strengthen platinum’s market position and make it a catalyst for future growth in the global jewellery industry leading into this year.
“PGI continues to support its strategic partners in culturally supportive and inventive ways, especially in our four key markets, through marketing promotions and sales training, as part of a team effort to build sales and improve platinum’s share of the jewellery industry.
“We also work closely with designers worldwide who create new designs and products that will appeal to a new generation of consumers, helping young adults discover the inherent strength and beauty of platinum,” says PGI CEO Tim Schlick.
