US Platinum Sales Defy Economic Slump

RAPAPORT... Sales of platinum jewelry in the US rose by a quarter in the three months ending June 30 as the sector weathered geopolitical and economic difficulties, according to an industry organization's estimates."Global supply-chain issues, the Russia-Ukraine war and sanctions on Russian companies all caused challenges for the jewelry business in the US," Platinum Guild International (PGI) said last week. "Despite those challenges, platinum has seen another quarter of noteworthy performance, with PGI USA's partners posting double-digit sales increases, with outstanding retail sell-through results and projections for another year of high, double-digit growth."Those partners - companies with which PGI works on marketing programs - reported a 25% year-on-year jump in platinum sales by weight and a 15% increase by unit in the second quarter, the trade group said. Gemstone fashion jewelry, platinum crowns and wedding bands were the popular categories, it added.However, the growth rate may slow in the second half and early 2023 in light of geopolitical issues, inflation and US midterm elections, the PGI cautioned.Sales at partners in China fell 24% amid the country's Covid-19 outbreak. In India, consumption increased two to threefold as the market bounced back from last year's lockdown. Sales in Japan gained 9.8%, also reflecting a favorable comparison with the 2021 downturn.