Retailers Upbeat on Platinum Jewelry Sales

Platinum "Triad" ring that recently received an AGTA Spectrum Award in the Bridal Wear - Platinum Honors category.

Retailers are showing a renewed sense of optimism when it comes to sales of platinum jewelry, according to a recent survey by Platinum Guild International, an organization that promotes the platinum jewelry to consumers and the jewelry trade.

The survey, conducted by GFK Audits and Surveys, reports positive growth in platinum bridal jewelry sales for the first half of 2010, and a projected 3 percent increase through the end of the year.

A total of 56 percent of the 419 small chain and independent retailers surveyed plan to purchase additional platinum product through the end of 2010. In particular, they are stocking up on platinum bridal inventory as they prepare for increased engagement business during the holidays.

The strongest factor contributing to the strength of platinum sales in 2010 was the rising price of gold, PGI said. Platinum’s competitive pricing against gold attributed to 31 percent of retailers stating platinum’s price as a positive attribute, while an additional 29 percent found value in platinum’s unique properties of durability and strength.

The survey also reported that some retailers attributed platinum sales increases due to their staff suggesting platinum to customers more often than before, PGI said.

More than a quarter of the retailers surveyed are considered Preferred Platinum Partners, those who work closely with PGI to increase platinum jewelry sales.

Affordable Platinum Jewelry Designs Take Center Stage

 
Platinum Guild International, which promotes platinum jewelry, announced the winners of a new contest designed bring affordable, creative pieces for the jewelry buying public.

The Platinum Innovation Challenge was assessed in five categories across each price range—originality, creativity, quality, wearability and innovation.

In the under $2,500 category, a semi-mount engagement ring by Designs by Vatche came out on top, with True Knots' 5mm wedding band ($998) winning the wedding bands under $2,500 category.

Benchmark's 8.5mm band with black diamonds for men ($2,200) took the honors in the color under $2,500 sector (pictured above); while Uneek Fine Jewelry Collection won the fashion under $2,500 award for its 'Snowflake' pendant with diamonds ($1,995).

Steven Kretchmer triumphed in the fashion over $2,500 category, despite his bracelet being valued at a princely $30,000.

More than 40 brands submitted 75 entries.