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The rise of platinum has been one of the great success stories of the international jewellery industry and the UK is no exception. Since the late 90s hallmarking of platinum boomed to the extent that the UK is now the fourth largest platinum jewellery market worldwide. In fact, in terms of per capita platinum sales, the UK is the world leader.
Platinum is continuing to gain a greater share of the UK's precious metal jewellery market and Platinum Guild International is on hand to offer manufacturers and retailers the tools they need to capitalise on this opportunity.
 Platinum is more lucrative
As the most expensive precious metal, the profits available from a platinum jewellery sale will always be greater than those from the sale of other precious metals. On a weight for weight basis, the margins on a platinum sale far exceed those on a white gold sale. By then setting a diamond in platinum, the price increases and so too, of course, will your profit.
Platinum is recession-proof
According to a Mintel report into precious metal jewellery (July 2006) at its higher price points, the precious metal jewellery market is insulated from most of the effects of economic downturn by the affluence of its client base. It also notes that the emotional pull of jewellery has shielded it from the general slowdown in retail sales. |
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Men and women are increasingly style-conscious and due to the strong popularity of white metals this is reflected in sales of platinum jewellery.
Bridal consumers
In the bridal market, PGI research has shown that the majority of men purchase an engagement ring without their fiancée, and generally spend more on a ring this way - there is a great opportunity to up-sell to platinum at this point in the purchase process.
There is also a trend in the UK to delay the purchase of a ring until after the proposal, and when couples purchase an engagement ring together it is usually the woman who undertakes the background research. The National Magazines Bridal Survey 2006 found that where the bride has chosen the ring herself the most popular ring setting was platinum - the reason given for the choice of metal was simply that it is her favourite.
Fashion jewellery
There are a growing number of women with a high disposable income who are both willing and able to purchase their own precious jewellery - platinum, as a perfect complement to diamonds, offers this segment the ultimate in luxury.
Men are also high-level participants in the precious metal jewellery market as purchasers of women's jewellery. They're also increasingly buying jewellery for themselves as evidenced by recent trends towards men's rings and bangles, as well as cufflinks. The larger size and weight of men's platinum jewellery translates into higher value sales.
The attributes that set platinum apart from other precious metals are that it is pure, rare and that it will last forever...
- PURE: Platinum jewellery is 95% pure in the UK - even 18 carat gold is only 75% pure, the rest of the mass being taken up by alloys such as copper and silver.
- RARE: Platinum is actually 30 times rarer than gold. It is estimated that if all of the platinum ever mined were poured into an Olympic-sized swimming pool, the depth would barely cover your ankles. By comparison, gold would fill up over 3 pools.
- ETERNAL: Platinum never loses its warm, white lustre, a truly unique property amongst precious metals. So-called "white gold" is often rhodium-plated to give it its hard white sheen - this wears off and requires regular re-plating to renew its look.
- The heavier weight of platinum give credence to the belief that it is the metal of choice for jewellery that will last a lifetime.
- Platinum is durable. When scratched platinum doesn't lose metal like gold or silver, rather the metal is displaced, so the platinum you buy now is the same weight as it will be in 50 years time.
Platinum is the designer's metal of choice. Many of the world's leading jewellery brands - Stephen Webster, Graff, Cartier, Tiffany - all use of platinum in their creations.
Why? Well it's versatile and can even be drawn into fine threads to weave clothing; it's strong, so less metal is needed to set precious stones, thereby allowing more light to enter and increasing their prismatic fire; it's exclusive - its 30 times rarer than gold, the metal of choice for royalty and A-list celebrities alike.
Platinum Guild International is on hand to assist designers either making their first pieces in platinum or looking to improve on their current knowledge. Technical tips are available via this or available directly from our Global Technical Director Jurgen Maerz, Master Jeweller with 50 years of platinum manufacturing experience worldwide.
"Platinum is a luxurious metal and designing and making bespoke fine jewellery as I do, I need to work with the highest quality materials. I find it works well with traditional jewellery but also lends itself perfectly to modern and contemporary designs. I have been working with Platinum for 26 years and I think it has a unique colour and characteristics. Although it is a much harder metal to work with and needs more expertise to achieve the final piece you get an absolutely incredible finish."
- David Marshall London, Luxury Jewellery of the Year 2007 Award Winner
"It is my philosophy to not only design sensual and innately beautiful pieces, but to create jewellery that is imbued with meaning and possesses a spirit and integrity. To me the eternal qualities and purity of platinum make the perfect match to my designs that both invigorates and inspires the jewellery collector."
-Sarah Jordan, UK Jewellery Awards Winner
With the men's jewellery sector growing, and women increasingly buying their own jewellery, there is the opportunity to sell more platinum pieces. 92% of couples getting married buy rings for both partners, and if encouraged to upgrade from other white metals, there is scope to sell an engagement ring and two wedding rings. The following tips might be helpful:
- Window displays incorporating platinum reassure the consumer and inspire confidence that the retailer has a certain level of expertise and status.
- There is a correlation between the range of platinum jewellery stocked and displayed by a retailer, and the number of platinum sales made (Source PGI research).
- Excellent customer service, including recognising the importance of a lone woman browser, is more likely to lead to higher value and repeat sales.
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