Platinum is considered as one of the most precious jewelry metals due to its purity, rarity, and strength. Platinum’s natural color is silver-white and is said to be thirty times as rare as gold, and more pure when used in jewelry. Platinum has been found to be as viable in jewelry as gold and silver. Platinum jewelry is rarely 100% pure platinum, as it is commonly mixed with similar metals or other base metals, and hence the higher the percentage of pure platinum, the higher the value of the jewelry. This hypoallergenic metal is heavier than most metals and is commonly used as a secure diamond setting, and therefore some luxury-brand watchmakers offer limited edition models in platinum too. The rarity of the metal and the designs inspired by global trends makes it the preferred choice of millennials. Moreover, the color, ability to pair with diamonds, and elegant appearance make it an ideal choice for jewelry lovers and brides.
Key factors driving the platinum jewelry market are weddings and ritual purchases on auspicious occasions, which enjoy strong demand for platinum jewelry. Rings are anticipated to be the fastest growing segment in platinum, followed by earrings and necklace sets. The price drop in platinum jewelry in India is helping consumers to upgrade from 18 carat gold jewelry to platinum jewelry, and has become the preferred metal for jewelry. In addition, the increasing trend of men buying platinum chains and bracelets is also seen by platinum jewelry providers. However, the platinum jewelry market growth is likely to be impacted due to the sluggish economy in Europe and high demand for gold. Nevertheless, the rapidly growing Indian economy and increasing awareness among consumers of tier 2 and 3 towns are creating opportunities to introduce platinum stores in these cities.
The global platinum jewelry market can be segmented based on product type, application, distribution channel, and region. Based on product type, the platinum jewelry market can be classified into rings, necklaces, earrings, bracelets, and others (anklets, watches, etc.). Based on application, the platinum jewelry market can be divided into men and women. In terms of distribution channel, the platinum jewelry market can be classified into specialty stores, online retailers, and others (brand outlets, independent vendors, etc.).
In terms of region, the global platinum jewelry market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to dominate the global platinum jewelry market, followed by Europe and Asia Pacific. North America and Europe are anticipated to account for a major platinum jewelry market share due to the urbane lifestyles, rise in disposable income, and high spending rate in the regions. Spending rate of young consumers and rising disposable income in emerging countries such as India and China are boosting sales of platinum jewelry in Asia Pacific, and the region is one of the largest consumers of platinum jewelry. The popularity of platinum jewelry among brides in is expected to increase in the coming years and is likely to be one of the major trends during the forecast period.
Some of the leading manufacturers in the platinum jewelry market are Harry Winston, Société Cartier, Van Cleef & Arpels, Buccellati Holding Italia, Tiffany & Co., Graff, Bulgari S.p.A, Piaget, Chopard, and Mikimoto America among others. Manufacturers are increasing their R&D capabilities to diversify their product range and are also making efforts to enhance product quality, so they can compete effectively, both locally and internationally. Players are anticipated to face competition due to the presence of several local vendors. The entry of new players, pricing competition, and mergers & acquisitions are further intensifying the level of competition among manufacturers in the industry. This is likely to lead to the introduction of many advanced products in the market during the forecast period.
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