Platinum Jewellery Continues Strong Growth from The Global Wedding Industry
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Princess Eugenie of York and Jack Brooksbank will marry on 12 October at St. George’s Chapel at Windsor Castle in the United Kingdom, just months after Prince Harry and Meghan Markle signified their love with platinum jewellery, the metal of choice for love gifting.
The tradition of men wearing wedding rings is said to have started in early 20th during the World Wars, as a way for soldiers to be reminded of their wives and family. However, male royalty typically do not wear wedding bands. Breaking with royal tradition, Prince Harry chose to signify his love and union to actress Meghan Markle with a platinum wedding band. According to the official website of the British Royal Family, both Prince Harry’s wedding band and Meghan Markle’s tiara were set in platinum.
The current Royal family has a tradition of wearing wedding jewellery set in platinum. Queen Elizabeth’s engagement ring was designed by Prince Philip, with a 3ct diamond set in platinum. Princess Eugenie’s mother, Duchess of York, wore the York Tiara on her wedding day, a platinum piece by Garrard, with leaf and flora motifs.
Historically, platinum is associated with the best jewellery houses and designers this is due to its strength, never-fading white colour and long-lasting value, platinum is preferred for bridal jewellery setting in many markets, and a platinum crown is the securest way to hold a diamond or gemstone.
Platinum Guild International (PGI)’s consumer marketing and educational programmes develop awareness and appreciation for platinum’s unique qualities as a precious metal for fine jewellery. Known as pure, rare and eternal, the metal has often been associated with love-gifting, and preferred in the wedding market.
“Queen Elizabeth’s engagement ring was designed by Prince Philip, with a 3ct diamond set in platinum.”
“Around the world we see key growth and increased popularity for platinum jewellery with relation to the global wedding market. The younger generations see platinum as a metal of love. Looking at the acquisition of wedding bands as well as beyond to love-gifting occasions, platinum is the predominant metal of choice when it comes to precious jewellery to say I love you,” says Huw Daniel, CEO of Platinum Guild International.
In the United States, the 5th consecutive year of growth for platinum jewellery consumption at 11% in 2017 mainly comes from strong sales in bridal jewellery including engagement rings and wedding bands.
In Japan, platinum holds an astonishing 92% share of the engagement ring market and 82% share of wedding rings and is continued, dominating the bridal jewellery category.
In China, platinum is associated with eternal love and has been doing very well in the bridal category and the market has grown 22% between 2014 and 2016 in Tier 1 to 3 cities.
For young India, PGI is tapping into modern couples’ desire for jewellery that better represents the bonds of love in a modern relationship between equals. Platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion.
Questions & Answers
Q.What is the primary reason platinum is favoured for bridal jewellery settings?
What is the primary reason platinum is favoured for bridal jewellery settings?
Platinum is preferred for bridal jewellery setting in many markets due to its strength, never-fading white colour, and long-lasting value. A platinum crown is also considered the securest way to hold a diamond or gemstone.
Q.Which royal family members have recently chosen platinum for their wedding jewellery?
Which royal family members have recently chosen platinum for their wedding jewellery?
Prince Harry broke tradition by choosing a platinum wedding band, while Meghan Markle's tiara was also set in platinum. Queen Elizabeth's engagement ring was designed with a 3ct diamond set in platinum by Prince Philip.
Q.How has the platinum jewellery market performed in the United States and Japan recently?
How has the platinum jewellery market performed in the United States and Japan recently?
In the United States, platinum jewellery consumption saw 11% growth in 2017, mainly from bridal jewellery, marking its fifth consecutive year of growth. Japan shows exceptional dominance, with platinum holding 92% of the engagement ring market and 82% of wedding rings.
Q.What is Platinum Guild International's strategy for the Indian market?
What is Platinum Guild International's strategy for the Indian market?
PGI is focusing on modern Indian couples who desire jewellery that reflects bonds of love in a modern relationship between equals. They aim to tap into this segment where platinum has become a metal of choice.
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