Selling Platinum Jewelry
By CHERYL FENELLE
Friday, August 14 1998
Friday, August 14 1998
Published on AllBusiness.com
Platinum continues to be the fastest growing segment of the fine jewelry industry today, both in America and around the world. In fact, fueled by growing consumer demand and increased availability, platinum jewelry sales in the United States have soared 700% in the past five years, according to Platinum Guild International USA.
Along with the explosion in sales of platinum is the prevalence of retailers doing the selling. Although some jewelers have carried some platinum for many years, the amount of platinum jewelry in retailers' cases has skyrocketed. Today, according to PGI, nearly 10,000 U.S. jewelry retailers are stocking and selling platinum jewelry.
The popularity of platinum among retailers is due in large part to the promotion, sales and education support efforts of PGI.
The association has also promoted platinum jewelry to the public-via advertisements in bridal magazines and expanded marketing, advertising and promotional campaigns designed to bring more customers into stores.
The platinum industry has gotten some assistance from the media as well. Awareness has been generated by fashion advertising campaigns and fashion magazines that have picked up not only on platinum jewelry, but also platinum-colored clothes, shoes, cars and even credit cards.
Customers have responded by asking their retailers for platinum, and retailers, in turn, have answered their demand by stocking more platinum jewelry, in both bridal and other categories.
Selling platinum jewelry to the customer has become a bit easier, as general awareness and education has increased and with more pieces in stores available to let the customer experience platinum.
"I'm seeing more young people coming in asking for platinum because they know that it is the best. They are spending their money," says retailer Joe DeBella, DeBella Fine Jewelry, Santa Fe, N.M.
DeBella started carrying platinum 12 years ago and builds up his selection by adding new designers.
Often, a physical comparison of platinum to white gold or silver, letting a customer feel the difference in weight and observe its appearance, is enough to win a customer over, retailers say.
"We've converted a lot of men looking at 18-karat gold wedding bands into platinum band wearers," says Cindy Shaw, gallery director of Gotthelf's Jewelers in Vail, Colo. "Once they get the feel of platinum in their hands, it's a real easy switch for the men."
Lula Halfacre of Traditional Jewelers in Newport Beach, Calif., agrees that the weight is a big selling point.
"We carry a little bit of white gold, but many of the white
Along with the explosion in sales of platinum is the prevalence of retailers doing the selling. Although some jewelers have carried some platinum for many years, the amount of platinum jewelry in retailers' cases has skyrocketed. Today, according to PGI, nearly 10,000 U.S. jewelry retailers are stocking and selling platinum jewelry.
The popularity of platinum among retailers is due in large part to the promotion, sales and education support efforts of PGI.
The association has also promoted platinum jewelry to the public-via advertisements in bridal magazines and expanded marketing, advertising and promotional campaigns designed to bring more customers into stores.
The platinum industry has gotten some assistance from the media as well. Awareness has been generated by fashion advertising campaigns and fashion magazines that have picked up not only on platinum jewelry, but also platinum-colored clothes, shoes, cars and even credit cards.
Customers have responded by asking their retailers for platinum, and retailers, in turn, have answered their demand by stocking more platinum jewelry, in both bridal and other categories.
Selling platinum jewelry to the customer has become a bit easier, as general awareness and education has increased and with more pieces in stores available to let the customer experience platinum.
"I'm seeing more young people coming in asking for platinum because they know that it is the best. They are spending their money," says retailer Joe DeBella, DeBella Fine Jewelry, Santa Fe, N.M.
DeBella started carrying platinum 12 years ago and builds up his selection by adding new designers.
Often, a physical comparison of platinum to white gold or silver, letting a customer feel the difference in weight and observe its appearance, is enough to win a customer over, retailers say.
"We've converted a lot of men looking at 18-karat gold wedding bands into platinum band wearers," says Cindy Shaw, gallery director of Gotthelf's Jewelers in Vail, Colo. "Once they get the feel of platinum in their hands, it's a real easy switch for the men."
Lula Halfacre of Traditional Jewelers in Newport Beach, Calif., agrees that the weight is a big selling point.
"We carry a little bit of white gold, but many of the white