Retailers Report Higher Platinum Sales During Holiday Season Due to Current Pricing Situation
PLATINUM'S VALUE ENCOURAGES CONSUMERS TO PURCHASE NOW
NEW YORK, Jan. 24, 2012 /PRNewswire/ -- The 2011 holiday season saw a rise in platinum engagement ring sales as consumers took advantage of the metal's current price per ounce and incredible value. Known for its naturally white color and everlasting qualities, platinum has been trading at a lower metal price than gold since August, offering a purchasing opportunity that was not overlooked by brides and grooms looking to get the very best value in engagement rings this holiday.
Retailers and manufacturers alike noticed the jump in platinum sales during the holiday peak engagement season, largely attributing the increase to the metal's current price.
Massachusetts-based Long's Jewelers saw a 20% increase in platinum sales over the holidays, notes the company's president, Craig Rottenberg. Much of this success was credited to a radio advertisement created to educate consumers about the present pricing situation. The ad, which states, "…for the first time in recent history, an ounce of platinum actually costs less than an ounce of gold…that means platinum and gold [engagement ring] styles are priced closer than ever and there's never been a better time to make the best choice at the best value," offers compelling reasoning for purchasing platinum jewelry now.
Shant Dakessian, President of Simone & Son Jewelers, explains: "Platinum has never been a hard sell in our store – its longevity, color, and feel have always had a higher level of appeal than white gold. However, the rising price of gold made selling platinum engagement rings a little easier this holiday season because of the prices being so comparable in the designs that are popular right now."
In a recent survey of Platinum Guild International's Preferred Retail Partners, price was the second most commonly mentioned positive factor affecting sales of platinum, following product features (GFK Independent/Small Chain Jewelry Retailers Sentiment Study of Platinum Bridal Jewelry, 2011). Platinum's current price, when coupled with its paramount attributes, presents consumers with the chance to obtain quality jewelry at a never before seen value.
"Our diamonds have always looked best in platinum, and independent of price, that has always been the case. But now more than ever, platinum isn't just the obvious choice, due to current prices, it's the only choice and the wisest decision to make," said Curtis Bennett, Vice President of Retail Operations at O.C. Tanner.
For additional information on the value of platinum and its unique attributes, and to hear the full Long's Jewelers radio advertisement, visit pgi-press.com.
About Platinum Guild International (PGI):
Platinum Guild International is dedicated to promoting platinum and its pure, rare and eternal qualities to the consumer and the jewelry trade. PGI has offices in each of the world's major jewelry markets, providing information, assistance and education on all aspects of platinum jewelry. For more information please visit www.preciousplatinum.com
SOURCE Platinum Guild International USA
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