After experiencing the power of its inaugural grant program, Platinum Guild International USA is announcing a call for submissions for their 2024-2026 program.
Launched in 2021, the historic program was designed to turbo-charge the growth in platinum jewelry business specifically within the USA by inspiring manufacturers, designers, and retailers to make platinum an important focus of their business.
The program’s first participants were Helzberg Diamonds, Kwiat and Mémoire. With three years of sales reporting now available, the results of the program exceeded all expectations, with participants achieving between 35% to 900% growth of their platinum business.
“While we were confident the program would positively affect recipients’ platinum business, we are thrilled with the actual results of our inaugural grant program,” shared Jenny Luker, PGI USA’s president. “With the recipients prioritizing platinum in their business, it yielded unprecedented growth and provided the foundation for incremental sales that significantly affected their bottom line and set their platinum sales on a successful path for the future.”
“The development of Memoire Now, which instituted having platinum bands in stock and available for immediate retailer delivery, significantly impacted sales, tripling our existing sales over the course of the three-year grant program,” explained Rebecca Foerster, President-Hearts on Fire, North America.
She continued, “Hearts on Fire is now realizing the importance of platinum and has launched Vela, its new, complete bridal collection that showcases the beauty of the Hearts on Fire world’s most perfectly cut diamond, set in platinum, the world’s most beautiful metal.”
For the 2024 program, PGI USA will award up to a total of $500,000 over 3-years. Eligibility requirements for applicants include a US-based or US-focused business, a knowledge of designing and manufacturing in platinum, and willingness to make a long-term commitment to designing, manufacturing and/or selling platinum products.
For the jewelry industry at large, platinum jewelry provides an incremental profit opportunity and can increase the average ticket transaction. The fact that it’s the most secure setting for diamonds and gemstones ensures its lasting value. Platinum is a win-win for both consumers and the industry alike. PGI USA made the opening calls for the 2024 Platinum Business Development Grant from October 2nd.
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