US set to grow platinum jewellery over 8%
Demand
for platinum in the US
Grew
from 5% in 1993 to 22% in 2017
“Platinum
jewellery is improving in different demand segments” says recently published PGI
Insight. The report shines a light on how to develop new demand for platinum
jewellery in the United States and how platinum is improving its accessibility
in different demand segments in jewellery.
Focusing
on Sparkling Success PGI Insight says, a Premium Metal Becomes Accessible in
the US reviews of 1: Historical trends of platinum
jewellery demand in the US, 2: Key drivers of platinum jewellery demand growth
in recent years, 3: Development dynamics for platinum jewellery at retail &
4: Future growth areas for platinum jewellery demand in the US.
The
jewellery industry’s contribution to the total demand for platinum in the US
grew from 5% in 1993 to 22% in 2017. As the third largest platinum jewellery
market, platinum demand in the US is set to grow again by 8% to 11% in
2018.
The
consistently lower price of platinum has opened up new opportunities for the
growth of platinum jewellery demand in the US, supported by strong retail
consumption and positive trade sentiment, which is leading to key opportunities
beyond the wedding industry. Growing economic power and newly introduced
branded collections also enable women to purchase jewellery made of the premium
metal to celebrate meaningful moments of everyday life.
In
a new country with no royal family to aspire to, American consumers have
instead followed their Hollywood celebrities as role models, and platinum has
played a starry role in the red carpet fashion. In the latest survey by Martha
Stewart Weddings, over 55% of respondents preferred their bridal jewellery to
be set in a metal that has strength, can hold a diamond securely and never fade
or tarnish.
In Platinum Guild
International’s recent Brand Health Study, platinum recorded the highest score
among precious metals to meet these needs.
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