The jewellery industry is evolving, and branded collections are poised to be a significant growth driver in the coming years. Building a strong brand that connects with consumers, especially younger ones, is crucial. These are the insights that came from the 2023 Platinum Jewellery Business Review, which was held in London by Platinum Guild International (PGI), a global marketing organisation focused on promoting and strengthening the market for platinum jewellery.

Huw Daniel, CEO of PGI, said of the trend: “The value of branding is well understood and developed in other luxury categories such as fashion, but lags behind in jewellery. PGI leverages consumer research and insight to develop a brand application framework to unlock these opportunities. We have been working with our partners to ensure branded platinum collections with strong storytelling, designs, and new technologies meet the aspirations of our consumers.”

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“While our approach differs from country to country in order to meet the needs of local consumers, it’s clear that branded collections are a major growth engine for the future of the platinum jewellery industry,” Mr. Daniel said.

While branded collections are driving growth in different geographies, the characteristics that resonate vary by region. Demographics express different preferences, and branded collections that respond to those preferences work best.

For example, Japan is home to a substantial demographic of young consumers ready to embrace platinum, despite it being a relatively ageing society. Women aged 20-34 are earning more and are in the habit of buying themselves gifts. They want jewellery that speaks to and about who they are, but are often overlooked by the jewellery industry, outside of bridal. 

In Japan, platinum’s elevated status is a strong foundation for branded collections. The focus lies on delicate and affordable pieces that speak to modern values with which young Japanese women can connect. 

In 2022, the Japanese jewellery market recorded its highest sales in 14 years, and platinum performed well, with platinum jewellery retail ounce sales growing by 6.2% year-on-year.

China is the world’s premier jewellery market, but buying habits are changing. Growth has shifted from Tier 1 and 2 cities to smaller cities.

2022 was a tough year for the national economy and for Chinese consumers. Consumer confidence decreased steadily after multiple COVID outbreaks. 

Platinum jewellery fabrication dropped by 32% year-on-year to less than half a million ounces in 2022. With retail foot traffic being severely reduced, retailers were reluctant to restock products and instead kept inventory levels to a minimum.

But positivity is emerging thanks to the power of branded collections. Collections such as ‘Pt Moment’ have helped to the post-COVID recovery. This collection is aimed at young women who want to embrace tenacity and elegance with their own take on contemporary femininity.

Sales of Pt Moment® grew at a compound annual growth rate (CAGR) of 11% during 2020-2022, despite multiple challenges.

In India, demand is coming from younger men. India has a well-established jewellery market and a strong jewellery culture, with a large base of young and financially independent consumers. 

India’s 12.2 million young, affluent, urban men are a primed market for branded jewellery. The ‘Men of Platinum’ brand in India was created by PGI to meet their aspirations.

In 2022, Men of Platinum tapped into India’s love for cricket through its brand ambassador KL Rahul, a cricketer who embodies the values of the brand. Together with co-promotions, retail sales increased fivefold since inception, and distribution has doubled.

Platinum was India’s top-performing jewellery category in 2022, delivering 20% year-on-year growth in fabrication. PGI’s retail partners reported an increase of 26% in 2022 compared to the previous year. 

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