Jewelry sales have seen growth in both the second and third quarters due to consumer confidence, boosting demand for platinum and gold. According to PGI, its trade partners in the U.S. have reported a 9 percent boost (in ounces) in demand for platinum year-over-year. These numbers add to the 12 percent increase in the first quarter.
India's demand grew even bigger at 26 percent while China's fell by 4 percent and Japan's remained static. U.S. sales of platinum jewelry are expected to grow between 8 and 11 percent throughout the year.
“Consumers felt confident to spend,” said PGI in its second-quarter report, “supported by a low unemployment rate, increasing salaries and a tax cut.”
U.S. gold jewelry demand has risen by 4 percent as well, reaching 28.3 tons in the third quarter. Performances by Signet Jewelers and Tiffany are primarily the reason for the overall wellbeing of the U.S. jewelry market according to the World Gold Council. Globally, demand was up by 6 percent to 535.7 tons in the third quarter.