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New York, NY—According to a just-released study of independent and small chain retailers conducted by the Platinum Guild International, the rocketing price of gold has helped boost sales of platinum bridal jewelry, especially because the vast majority of retailers surveyed have re-priced their gold inventory to reflect current market prices. This move has positively impacted platinum sales now that the two metals are very close in price. Pictured at left is a platinum and diamond engagement ring by designer Alishan, which won the Editors' Choice award for Entry Platinum in the 2012 Platinum Innovation competition.

According to the survey:

• The average price of a platinum engagement ring semi-mount is $2,968
• The lowest entry-level price of a platinum engagement ring semi-mount in stores is $1192
• 61% of all jewelers surveyed purchased “entry platinum” products (i.e., lower priced) and 61% of those jewelers sold the product through in 2011.  Two-thirds of them have reordered product.
• 54% of PGI platinum partners reported that carrying entry platinum products has had a positive effect on their overall platinum business
• 51% of all jewelers use gross profit dollars, as opposed to gross margin percentages, as their measure of overall profitability
• When selling bridal jewelry, approximately 50% of all jewelers lead with the setting, the most profitable component of the engagement ring, rather than the diamond (Editor’s note: Other recent research has shown that brides are more focused on the overall look of the ring—i.e., the setting—than the particulars of the center stone.)

More findings from the survey:

• White gold still is the leading bridal jewelry metal for all retailers, but stores who participate in PGI’s Platinum Partners program sell significantly more platinum bridal jewelry than other stores. 2011 platinum bridal jewelry sales increased by 4.4% at partner stores, vs. a 4.2% decrease among non-partner jewelers. This is the third consecutive period of growth since 2007.
• Expectations for platinum growth are positive with partner stores expecting an 8% growth, vs. “other” jewelers who are expecting a 3% growth.
• Platinum inventory levels have declined less than 1% among Platinum Partners.  Other jewelers reported the smallest decline in platinum inventory in the history of this study. 
• 70% of all jewelers said they intend to buy platinum bridal products during the next six months.
• Platinum Partners reported a significant increase in the wedding bands share (both men’s and women’s) of their overall platinum bridal business.
• Other (non-partner) jewelers reported that engagement rings represent a 71% share of their platinum bridal business, the highest level reported to date.
• 78% of Platinum Partners reported their platinum engagement ring sales performance was the same or better than last year.
• All jewelers reported improved performance in platinum men’s wedding band sales in 2011, compared to 2010.
• The majority of all jewelers (57%) carry prototype sample merchandise, which accounts for 32% of their total bridal jewelry sales.