Platinum Jewelry Sales Saw Strong 2018

RAPAPORT... Platinum-jewelry demand grew in India and the US in 2018, as younger consumers and male buyers responded strongly to marketing campaigns,Platinum Guild International (PGI) reported. US sales at PGI's retail members grew 11% amid stronggrowth in the bridal category, and the successful use of celebrities inadvertising, the trade organization said. Sales for 2019 are expected to increaseby 8% to 10%, with growth slowing slightly due to market uncertainty andvolatility in light of the US-China trade war. Sales in India rose 19% at PGI partners, with strong growthin bridal and gifting, and solid self-purchasing, predominantly by youngerconsumers. Purchases will continue to rise 15% to 20% in 2019, as the number of days considered auspicious for buying jewelry rises, and men's jewelry gains popularity in thecountry. Demand in Japan increased 1% in 2018, lifted by a higheraverage weight per piece of jewelry sold, which outweighed a decline in thenumber of pieces purchased. International brands such as Tiffany & Co. sawthe largest growth, as young consumers and men responded to influencer andcelebrity campaigns. Purchases in China declined 7%, as more consumers of bridal jewelry bought 18-karat gold instead, PGI added. Image: A platinum and diamond engagement ring. (Cs1791)