Approximately one third of all engagements happen during the holiday season, making it the perfect time for retailers to promote the metal synonymous with the highest quality engagement rings and wedding bands: platinum. This year the precious metal is even a better choice for consumers as retail pricing of platinum metal bridal product is marginally above gold, according to Platinum Guild International-USA.
“Smart retailers are taking advantage of this ‘platinum opportunity’ to sell their customers exactly what they’re looking for,” PGI said. More than 80 percent of brides desire platinum, according to Conde Nast Bridal and 39 percent are disappointed when they don’t receive it, according to The Knot).
Since the beginning of the fourth quarter, manufacturers report that special orders of platinum have increased drastically as retailers seek to meet consumer desire for platinum while taking advantage of market conditions, PGI said.
Bruce Pucciarello, Novell Design Studio said the accessibility of platinum today is allowing more customers than ever to get their first choice in bridal jewelry metal.
“Watching our platinum sales increase by over 20 percent, it is obvious that customers are purchasing platinum and taking advantage of such an attractive market price. They recognize that there is this window of opportunity when you can get the best for less,” Pucciarello said.
PGI said some manufactures report that while platinum’s affordability comes at the ideal time, the demand for the precious metal has been steady all year long.
“The number of styles we have available in platinum has increased significantly (more than 50%) over the past few years,” said Jonathan Goldman, Frederick Goldman, Inc. chief executive officer.
While the current economic climate may be taking its toll on sales of numerous products, bridal jewelry is expected to be the least affected and, according to experts, is poised to help bolster holiday sales.
“Platinum jewelry is clearly an excellent choice for this holiday season,” said JP Walrond, Stuller, Inc. vice president of Bridal Jewelry. “The category gained momentum in June and has sustained a significant increase since the first week of September. Platinum bridal jewelry, especially wedding bands and diamond anniversary bands set in platinum, are very strong,” Walrond said.
This analysis comes at the perfect time for savvy retailers who are set to capitalize on the high desire for platinum by translating it into increased sales, PGI said.
Caption: Novell Design Studio’s his and her’s wedding set.