Recently, the World Platinum Investment Council (WPIC), published the Platinum Quarterly, Q2 2023 and said about the global platinum jewellery demand. The report said, the global platinum jewellery market slipped 2% (-10 koz year-on-year) to 480 koz in Q2’23, as the growth in Japan, India, and Europe could not offset weaker demand in China and North America.
European demand grew by 4% year-on-year in Q2’23, but the market was divided; mainstream bridal jewellery suffered double-digit losses due to cost-of-living issues and fewer weddings (as the wave of Covid-postponed events passed), but the high-end jewellery market continued to enjoy double-digit gains through still robust global sales.
North American offtake slipped by 5% year-on-year in Q2’23 due to wedding numbers normalising, the ongoing expenditure shift to services, and retailers’ cautious inventory restocking. Notably, this was less than gold’s 8% decline, due to still wide price differentials combined with a shift towards platinum within the bridal sector, and despite a fashion shift to the yellow look.
In China, platinum jewellery demand fell by another 16% from last year’s low base. In addition to impaired consumer sentiment, competition from gold jewellery (where fabrication enjoyed a decent 28% rise) continued to weigh on local platinum jewellery demand. A few more manufacturers and showrooms removed their platinum lines and switched to gold jewellery production.
In Japan demand rose by 10% year-on-year. The post-Covid recovery continued, both in terms of local consumption and exports. Not all was rosy in the country, however. Bridal demand continues to struggle, due to the ongoing decline in the number of weddings on the back of demographic trends.
Another market that recorded an improvement in the quarter is India. In contrast to gold, Indian platinum jewellery fabrication rose by 15% year-on-year to 42 koz; it is the highest second-quarter figure on record. This improvement is a result of new store openings, and the addition of platinum displays in more existing stores.
Further supporting fabrication is the growing acceptance of platinum jewellery by medium-sized jewellers seeking to increase their profitability by offering high-margin products.
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