New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global Platinum Jewelry Market Size is to Grow from USD 3018.46 Million in 2023 to USD 5332.34 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 5.86% during the projected period.
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Platinum is an extremely durable and rare precious metal. While other white metals may tarnish or turn yellow over time, platinum's rich, white shine enhances its luminosity and ensures that it remains brilliant indefinitely. Platinum jewelry is ideal for long-term wear. Its weight and density make it a sturdy jewelry metal. Industrialization and globalization have significantly changed the lives of individuals around the world. Access to modern technology has boosted consumer awareness, resulting in higher demand for precious metals, notably platinum jewelry. The rise in per capita income, combined with the increased usage of creative earning strategies, has the potential to accelerate growth in the global platinum jewelry market. The platinum extraction method is more labor intensive, increasing the overall monetary value of the platinum-based embellishment. As more people look for new ways to invest their money, demand for platinum jewelry is projected to grow. However, due to the high cost of the rare metal, the global market for platinum jewelry is projected to be limited. Platinum costs more than gold or silver. Furthermore, the jewelry-making costs incur additional fees.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Platinum Jewelry Market Size, Share, and COVID-19 Impact Analysis, By Type (Rings, Necklace, Earrings, Bracelets, Others), By Distribution Channel (Online Retailers, Specialty Stores, Others), By End User (Men, Women), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The rings segment is expected to hold the largest share of the global platinum Jewelry market during the anticipation timeframe.
Based on the type, the global platinum jewelry market is categorized into rings, necklace, earrings, bracelets, and others. Among these, the rings segment is expected to hold the largest share of the global platinum Jewelry market during the anticipation timeframe. There is a significant demand for precious metal rings. The increasing acceptance of platinum wedding rings and bands among both men and women is a significant motivator.
The specialty stores segment is expected to hold a significant share of the global platinum Jewelry market during the anticipation timeframe.
Based on the distribution channel, the global platinum Jewelry market is categorized into online retailers, specialty stores, others. Among these, the specialty stores segment is expected to hold a significant share of the global platinum Jewelry market during the anticipation timeframe. This is the rationale behind consumers purchasing fine jewelry like platinum ornaments from authorized retailers. Furthermore, in-store purchases are viewed as part of the overall experience. However, speciality boutiques are a substantial market contributor because buyers frequently examine the inventory online before making a final purchase.
The women segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the end user, the global platinum Jewelry market is categorized into men, and women. Among these, the women segment is expected to grow at the fastest CAGR during the anticipation timeframe. Jewelry has been an important element of women's lives for thousands of years. We know from history that ancient civilizations appreciated jewelry and used it to enhance the natural attractiveness of their wearers. Different ornaments were worn to communicate meanings such as security, wisdom, elegance, and prosperity.
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Asia Pacific is projected to hold the largest share of the global platinum Jewelry market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global platinum Jewelry market over the anticipation timeframe. India, China, and Japan were recognized as the most important markets for platinum items, with Japan accounting for one of the largest revenue streams from platinum jewelry sales. China is one of the largest buyers of luxury jewelry; nevertheless, increased demand for 24-karat gold jewelry may provide a growth challenge in the Chinese market. With India's burgeoning middle to high-income population, demand for platinum jewelry is increasing.
North America is expected to grow at the fastest CAGR growth of the global platinum Jewelry market during the anticipation timeframe. The United States dominates platinum jewelry sales in North America, and it is also one of the largest buyers of platinum jewelry. Platinum jewelry is likely to gain popularity among brides in the next years, making it one of the top trends over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global platinum jewelry market are Piaget, Chopard, Harry Winston, Inc., Tiffany & Co., Graff, Bulgari S.p.A, Mikimoto AmericaPanasonic Corporation, Diamond Engineering Works., Rockwell Industries Limited, REMI GROUP., Elanpro, Société Cartier, Van Cleef & Arpels, Buccellati Holding Italia, Star Scientific Instruments, and others.
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Recent Developments
- In March 2023, Platinum EVARA by PGI India debuted a new line for female buyers on International Women's Day, exhibiting a great marketing strategy. Similar measures have been observed among other brands targeting the customer demographic.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global platinum Jewelry market based on the below-mentioned segments:
Global Platinum Jewelry Market, By Type
- Rings
- Necklace
- Earrings
- Bracelets
- Others
Global Platinum Jewelry Market, By Distributor Channel
- Online Retailers
- Specialty Store
- Others
Global Platinum Jewelry Market, By End User
- Men
- Women
Global Platinum Jewelry Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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