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Industry News: Platinum Selling Better Than Gold; JFC Adds Consumer-Facing Page For Retailers; More May 31, 2017 (0 comments)
Platinum Business Shows Strength In Challenging Year For Jewelry
London, UK—Platinum Guild International (PGI) has published its annual Platinum Jewellery Business Review, highlighting consumer retail sales data of platinum jewelry for 2016 and projections for 2017, in PGI’s key markets of China, India, Japan, and the United States.
Fine jewelry as a category faced a challenging year worldwide in 2016, driven by both structural and cyclical trends. Gold was hit harder than platinum, where sales fluctuations were more nuanced. Platinum sales continued to contract in China, but grew in Japan and the United States, and especially in India.
Huw Daniel, global CEO of PGI, commented, “Platinum’s relative strength in challenging market conditions is rooted in the unique space that platinum occupies in the jewelry category, bought more for its emotional meaning, and less for wealth preservation and transference. Increasingly, the jewelry industry sees platinum jewelry as a differentiated margin driver that has a distinctive role within their business portfolios. Our findings across markets have shown that despite the many challenges jewelry has faced in 2016, these continue to be outnumbered by the opportunities.”
In the United States, platinum sales grew 5.4% in 2016, the fourth consecutive year of sales growth for the category. It outperformed overall jewelry sales, which grew by 3%. Gold jewelry demand, meanwhile, declined 1%. PGI projects 5% to 7% growth in 2017, and will launch new marketing initiatives along with a continued focus on technical and sales associate education.
Manufacturers and retailers both attributed the growth in their platinum business to favorable pricing (relative to gold). Engagement rings and wedding bands are the primary opportunity for platinum jewelry sales and demand has increased not only among independent jewelers, but among major chain retailers as well, says PGI’s survey. The independent survey, conducted by MVI Market Research to directly report the performance of over 22,000 retailers across four markets, also revealed that 77% of retailers reported 2016 platinum sales as being the same or higher than the previous year. Those retailers also said they view platinum as a key differentiator in their markets, helping them to attract new customers to their stores.
This is the only research in the industry that measures sell-through from retailers to consumers, says PGI. The report also highlighted market and consumer insights to explain the dynamics in each of the studied markets. For a copy of the presentation, please register at www.PJBR2016.com.
GIA Takes the Stage at JCK Las Vegas
Carlsbad, CA—GIA’s lineup of education and information at the 2017 JCK show will include an in-depth look at GIA M2M, a new service that tells the digital story of a diamond; information about its new easy-to-use instrument to identify mounted and loose natural diamonds; colored stone services available at the GIA Show Service Laboratory; displays of synthetic diamonds and other gems; and free in-booth briefings on key industry topics.
GIA’s M2M service allows everyone along the diamond value chain to tell the digital story of a diamond. Matt Crimmin, GIA vice president of lab operations, will talk about the program during the “JCK Talks” series on Sunday, June 4 at 1 p.m. in Tradewinds E/F, and again on Tuesday, June 6, at 8:30 a.m., 11:15 a.m., and 2:30 p.m. in Tradewinds F.
Also on Sunday, at 2 p.m. in Tradewinds E/F, GIA global director of colored stone services Shane McClure will share insights on important colored stone developments. McClure, also a member of GIA’s research team, will offer an update on the GIA laboratory, research efforts at the Institute and other timely topics.
GIA executive vice president and chief laboratory and research officer Tom Moses and GIA research scientist Dr. Evan Smith, lead author of a recent Science magazine cover story on diamond geology, will discuss the latest GIA synthetic diamond research and describe GIA’s new detection device for mounted and loose natural diamonds on Tuesday, June 6, at 10 a.m., 1 p.m. and 4 p.m. in Tradewinds F.
Representatives at GIA’s booth (L99, Level One, Bayside Lobby, Mandalay Bay) will be available to discuss education offerings and laboratory services for companies and professionals in the gem and jewelry industry; share information about GIA’s Retailer Support Program educational materials, web apps, and point of sale aids; and help attendees register for GIA’s Retailer Lookup, an online listing that allows customers worldwide to find local stores that sell GIA-graded diamonds or have GIA-trained staff.
Attendees also can learn more about GIA Instruments’ new synthetic diamond testing device and other instruments offered for sale with special show pricing, by visiting GIA’s booth L99.
GIA will offer its Show Service Laboratory for colored stone identification in Palm G, Level 3 at Mandalay Bay, and two education seminars, Colored Gemstone Inclusions and Identifying Synthetic Diamonds (both Monday, June 5; $225 each; pre-registration required; call +1 760-603-4001 or email admissions@gia.edu). Ongoing throughout the show, GIA will offer free 20-minute in-booth educational at GIA’s booth (L99, Level One, Bayside Lobby, Mandalay Bay).
Lastly, GIA Alumni Association is hosting a private area at JCK’s new post-show party experience at Brooklyn Bowl (tickets required, pick up at info counters throughout the JCK Show.) GIA will be listed on the onsite event map or attendees can stop by the booth for more details on the location.
More details on all these offerings are available on GIA’s website. Follow @GIANews on Twitter (#GIAatJCKshow) to get the latest updates on GIA activities.
Jewelers For Children Now On Thinkspace; Supporters Can Add a JFC Page to Websites
New York, NY—Jewelers for Children and Thinkspace entered into a marketing agreement to make Jewelers for Children information available to retailers on the Thinkspace platform.
Jewelers for Children will provide Thinkspace with information on the charity and how to be involved. This information will be on a JFC page that any retailer working with Thinkspace can add to their website to support JFC.
“The Jewelers for Children ‘Giving Back’ page is now an option for our retail customers to add to their Thinkspace-powered website, said Larry Chasin, chief business development officer for the site. Those who support JFC can now have the latest information on the charity available and can promote their support of the charity to their customers.”
Previews of the new page and how seamlessly it integrates with current Thinkspace websites will be on display in the Thinkspace booth, B61068, at the upcoming JCK Show in Las Vegas. Information and flyers will also be available at the JFC booth at the show, L-102.
“Thinkspace is a perfect partner to provide this valuable service, said David Rocha, JFC executive director. Many of our retail supporters just don’t have the time or the resources to put together a page on their own sites. Now it’s done for them and will always stay current.”
Thinkspace is a website platform and data cloud service designed specifically for jewelry industry retailers, vendors, and brands. Learn more here or call (844) 935-3935 or email hello@thinkspacehq.com for more information.