PLATINUM JEWELRY
S.Narayana Moorthy

Updates:
National Institute for Jewelry Design and Technology in Delhi.
 

PGM
Platinum group

Platinum jewelry has now become both formal and informal and finds preference for everyday wear as well as special occasions like marriages etc. New designs, rich white color, anti-allergic properties are making platinum jewelry a popular by media coverage.

The second major application of platinum group metals after auto sector is in the jewelry sector. The jewelry industry is already well supported by media and with new designs and fashions taking the front stage, platinum jewelry is already making inroads into the consumer market. The exposure to platinum jewelry is now on a very high note and the response is like never before. China has already overtaken traditional Japan as the major consumer of platinum jewelry and other countries are following suit. The jewelry sector is expected to play a major part in the coming years, with the population of upwardly mobile younger generation on the increase.

Jewelry sector accounts for nearly 40% of total platinum consumption and this is growing.

What makes platinum jewelry precious?
platinum alloys

Purity

Platinum jewelry come out with a high degree of purity compared to other metals. In the US purity is about 90-95% and it can be - % as a minimum in other countries. Platinum jewelry is so exclusive that it comes out with special markings. In the US it is marked PT or PLAT and in Europe 950 or PT 950. An authentic jewelry piece comes out with tamper proof certificate, dealer authorization, a guarantee card and an unique code for each piece.

Flexibility

Platinum has all the properties a jewelry designer will look for. It is flexible, ductile, malleable and sectile, offering the designer total freedom to experiment with. Platinum can be repeatedly heated and cooled without hardening or oxidation effect. Platinum jewelry is increasingly appealing to sections of people who hitherto were not attracted to platinum on account of new styles and designs coming out for both formal and informal occasions.

Superlatives

Platinum is very hard and ideal for securing diamonds and precious stones in jewelry. Apart from the strength, the settings can be both smaller and thinner. Platinum with its rich white luster compliments the brilliance of precious stones and diamonds and adds elegance to the piece of jewelry. Platinum finds ideal use for everyday wear since it does not tarnish. It can also be worn by those with sensitive skins and those who suffer allergic reactions from wearing other metal. The rarity, prestige associated with it, and being considered timeless piece make platinum an increasingly popular choice as bridal jewelry particularly wedding rings, bands and chains.

Demand

Platinum jewelry is gaining a rise in popularity for the past two decades. The demand for platinum jewelry is also aided by increasing media coverage projecting individuality associated with platinum jewelry. Bridal jewelry in North America and Japan is gaining more appeal. Platinum jewelry is also becoming popular in Asian countries as its color contrast is found attractive. Platinum jewelry demand in China has already grown to a level that it has overtaken Japan and is currently the largest platinum consumer for jewelry in the world.



Milestones

Platinum Demand
 

China

The elegance of platinum has caught-on more and more youngsters feel that they can afford it. China is importing about 1.47 million ounces which is about 25% of the entire output of platinum in the world (source Johnson Matthey News). Much of this imported platinum is used in the jewelry sector. Though platinum jewelry has been finding more takers showing a 13% jump from the previous year, the growth is likely to be leveled in the coming years. However the Chinese jewelry market is more optimistic and expects a phenomenal growth by the year 2010.

Jewelry market in China has been growing consistently over the years helped by the growth in economy. The media thrust on marketing is viewed as encouraging by the industry. The trend of replacing gold by platinum appears to be catching with the upward mobile.

Trend
Platinum jewelry demand

Note:

Malaysia

The trend of the young generation preferring platinum jewelry is also seen in Malaysia. De Gem Bhd indicated of a possible 10-15% increase in turn over by December 2003. The company is also planning outlets in Indonesia and Brunei. Because of increasing popularity of platinum jewelry and plans to open additional outlets, the company is considering a research and development facility to create new designs..

India

India traditionally is the biggest consumer of gold. Recent trends indicate that the jewelry market is becoming price conscious. Traditionally, gold is a source of investment and also prestige. Gold jewelry is also an integral part of any Indian household.

Fashion jewelry has started attracting younger generation in the recent past. The proportion of working women is also on the rise especially in the metros and major cities. Along with employment, the new found financial freedom is encouraging to go for fashion jewelry. In addition to the traditional jeweler, India, Burma,  New Guinea, Kazakhstan, Greek,  Hawaiian,  African, ) lifestyle shops have started displaying fashion jewelry which gives a wider exposure. The recently found financial freedom combined with easy payment options are bringing fashion jewelry within reach of many. The younger generation is also willing to experiment with new designs. Platinum jewelry market is expected to grow in the coming years.

Source - Johnson Matthey