Platinum jewelry sales up

A significant number of retailers reported the same or better platinum bridal sales in 2012 as compared with 2011, a recent survey commissioned by the Platinum Guild International (PGI-USA) shows.

In a survey conducted by GFK Retail and Technology USA for PGI-USA, 77 percent of retailers said their platinum sales last year were on par or better than sales in the category in the previous year. Among the organization’s Preferred Platinum Partners, 87 percent reported the same or better sales. dominic toretto cross necklace Entry-level platinum semi-mounts priced less than $2,500 continue to be a driving force for platinum sales, with 73 percent of jewelers saying those pieces sold through and 61 percent reporting that they will be reordering.

Contributing the greatest to platinum sales, jewelers said, are the attributes of the metal. Forty-two percent of jewelers said the metal’s unfading color, durability and high purity led to its popularity among customers. Jewelry Design The price of platinum in relation to gold was also a strong selling factor, with 38 percent of retailers reporting the relative price of the two metals, and gold’s increasing price, as a driver toward platinum.

More than half of the jewelers surveyed said they lead engagement ring sales with the setting, followed by the diamond, due to the quality of a platinum setting.

“With squeezed margins on the diamond, the setting has become a key driver of retailer gross profits,” PGI said.

In addition, PGI-USA’s Preferred Platinum Partners cited knowledgeable associates who recommend platinum as a positive factor contributing to sales performance.

The survey, titled the “Independent and Small Chain Retailers Sentiment Study of Platinum Jewelry,” was conducted via telephone by GFK Retail and Technology USA among PGI-USA Preferred Platinum Partners and other jewelers in February.