According to a research report published by Spherical Insights & Consulting, the Global Platinum Jewelry Market Size is Expected to Grow from USD 3018.46 Million in 2023 to USD 5332.34 Million by 2033, Growing at a CAGR of 5.86% during the forecast period 2023-2033.

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Platinum is a unique and extremely durable precious metal. Other white metals may tarnish or turn yellow over time, but platinum’s rich, white shine shows off its brilliance and ensures that it will always be beautiful. For long-term wear, platinum jewelry is the greatest option. Its bulk and weight make it a sturdy jewelry metal. While it doesn’t deteriorate, platinum protects pricey stones. Similar to all other precious metals, platinum is prone to scratches. On the other hand, a scratch on a platinum object just causes the metal to shift; no volume is lost. Platinum has remarkable qualities, such as pliability, in addition to its strength and density. Globalization and industrialization have had a significant impact on people’s living conditions. The market for precious metals, especially platinum jewelry, has surged as a result of increasing consumer awareness brought about by access to modern technology. The global platinum jewelry market may grow more quickly as a result of rising per capita income and the growing adoption of innovative earning methods. However, the worldwide market for platinum jewelry is anticipated to be restricted due to the expensive price of the rare metal.

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, and Others), By Distribution Channel (Online Retailers, Specialty Stores, and Others), By End-User (Men and 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 predicted to hold the largest market share of the global platinum jewelry market through the forecast period.      

Based on the type, the platinum jewelry market is classified into rings, necklace, earrings, bracelets, and others. Among these, the rings segment is predicted to hold the largest market share of the global platinum jewelry market through the forecast period. The demand for precious metal rings is exceptionally high. The rising demand for platinum wedding bands and rings among men as well as women is a key motivating factor. Ring producers are providing more customization possibilities in response to the growing demand from customers for personalized items. These choices include the kind of gemstone, design, shape, and material.

The specialty stores segment is predicted to hold a significant market share of the global platinum jewelry market during the projected timeframe. 

Based on the distribution channel, the platinum jewelry market is classified into online retailers, specialty stores, and others. Among these, the specialty stores segment is predicted to hold a significant market share of the global platinum jewelry market during the projected timeframe. Jewelry made of platinum is pricey. To meet customer expectations, it is meticulously assembled. This is the primary justification for consumers to purchase sophisticated jewelry, such as platinum ornaments, from registered sellers. Furthermore, shopping in-store is considered a component of the overall experience. The specialty shops, however, contribute significantly to the industry because customers frequently browse the inventory online before completing a purchase.

The women segment is predicted to grow at the fastest CAGR in the global platinum jewelry market through the projected period.

Based on the end-user, the platinum jewelry market is divided into men and women. Among these, the women segment is predicted to grow at the fastest CAGR in the global platinum jewelry market through the projected period. Jewelry is often considered a fashion accessory to complete an ensemble. Many people feel that adding the right accessories completes a look. Pearls and diamonds are necessary for finishing touches in a “classic” style, for instance. Since ancient times, jewelry has played a vital role in women’s lives. Ancient societies appreciated jewelry and used it to accentuate the inherent beauty of those who wore it, as history has shown us. To express different meanings, such as fortune, elegance, wisdom, and security, different pieces were worn.

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Asia Pacific is estimated to hold the largest share of the platinum jewelry market over the forecast period.

Asia Pacific is estimated to hold the largest share of the platinum jewelry market over the forecast period. The strongest markets for platinum items were thought to be in the regions of China, India, and Japan, with Japan generating one of the largest profits from the sale of platinum jewelry. Despite the recent increase in platinum prices, the women’s market still dominates. Official research studies estimate that 8.9 million Japanese people are prospective buyers of platinum jewelry. China, on the other hand, is one of the biggest consumers of luxury jewelry; yet, the growing demand for 24-karat gold jewelry could act as a barrier to the Chinese market’s expansion. The demand for platinum jewelry is rising in India as the country’s middle-class and upper-class population grows.

North America is predicted to grow at the fastest CAGR of the platinum jewelry market over the forecast period. The urban lifestyle, rising disposable income, and high regional spending are the main factors driving the platinum jewelry market. The United States is one of the leading purchasers of platinum jewelry and leads the North American market in platinum jewelry sales. One of the biggest trends for the foreseeable future is platinum jewelry, which is anticipated to gain popularity among brides in the upcoming years.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global platinum Jewelry 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 key players in the platinum jewelry market include Piaget, Chopard, Harry Winston, Inc., Tiffany & Co., Graff, Bulgari S.p.A, Mikimoto America Panasonic Corporation, Diamond Engineering Works., Rockwell Industries Limited, REMI GROUP., Elanpro, Société Cartier, Van Cleef & Arpels, Buccellati Holding Italia, Star Scientific Instruments, and Others.

Recent Developments

• In March 2023, using a great marketing strategy, Platinum EVARA by PGI India debuted a new range for female consumers on International Women’s Day. Other brands that targeted the consumer demographic were observed to take similar actions.

 Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the 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 Distribution Channel

• Online Retailers
• Specialty Store
• Others

Global Platinum Jewelry Market, By End-User

• Men
• Women

Global Platinum Jewelry Market, By Regional Analysis

• 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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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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