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Courage Reflects on Platinum Ups and Downs March 28, 2011 (1 comment)
Basel, Switzerland--During the Baselworld 2011 fair, James Courage, chief executive officer of Platinum Guild International (PGI) reflected on a year of contrasts for platinum jewelry in 2010 and looks forward positively to 2011. Here are his comments:
“2010 was a year of contrasts, with rising commodity prices and uncertain economic times bringing new challenges to many industries. Platinum maintained a strong position in both jewelry and bridal jewelry, globally. Consumers continue to aspire to platinum’s unique qualities, which set it apart from other precious metals—especially its purity and enduring nature.
Two necklaces in platinum: a relief-image cross with diamonds, from Joerg Kaiser of Bischweier, Germany, and a diamond and platinum rose from Heinz Mayer of Idar-Oberstein, Germany. The engagement ring shown above is by Hans Krieger, also of Idar-Oberstein.
"Although higher metal prices than in 2009 presented challenges for the industry, platinum’s lower premium over other precious metals helped sustain the development of platinum jewelry in China, especially in 2nd and 3rd tier cities, and drive recovery in Japan, the USA, the UK and Germany. In India platinum jewelry saw strong growth, albeit off a low base.
2011 continues to present strong opportunities for platinum within the jewelry sector. The expanding economies of markets such as China and India enable new consumers to afford platinum jewelry, with demand and aspiration further stimulated at the higher end, often through specialist designers and the international jewelry brands, which have shown strong global recovery, including in Europe. The growing desire for men’s jewelry presents an additional opportunity for platinum in India, with further interest driven by the high-end watch market in Asia.
The significance consumers attach to love and commitment continues. As consumers look to platinum to celebrate their love and future together, bridal and relationship jewelry remain a key driver for platinum across all PGI markets: whether the traditional engagement or wedding ring in Japan, the USA or Europe, the growing desire for Platinum Love Bands in India, or the increasing role of platinum in China’s wedding market."