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Tariffs, Taxes and Consumer Trepidation: A Platinum Business Opportunity

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The past year has brought no shortage of challenges: inflation, tariffs, volatile metal prices, and a rapidly shifting diamond landscape. Yet the jewelry industry is no stranger to uncertainty. We consistently adapt with creativity, resilience, and optimism—because at our core, we’re in the business of helping people celebrate life’s most meaningful moments.

Gold prices, in particular, have prompted retailers to reevaluate their merchandise assortments. One of the clearest opportunities emerging from this environment is the shift from white gold to platinum. Designers, manufacturers, and retailers are taking a renewed look at the world’s most precious metal, expanding offerings, and making platinum more accessible than ever.

Consumer research consistently shows that nearly 70% of engagement ring and wedding band shoppers desire platinum*—so the demand is already there.

Below are common in-store challenges and practical strategies to help you maximize your inventory turn and profitability by seizing the platinum opportunity:

“My customers don’t ask for platinum.”

This is one of the biggest misconceptions. Customers may not explicitly request platinum, but that doesn’t mean they don’t want it. Shoppers often lack the vocabulary to describe material quality—they simply want the best their money can buy. Lead with platinum, explain why it’s the highest value, and you’ll close the sale in platinum roughly seven out of ten times.

Is your team focused on “upselling” to platinum?

If the word “upsell” is used frequently, it may indicate missed opportunities. Starting a sales conversation with anything less than the best option will make it very difficult to “upsell” later. Why do that? Lead with the highest-quality choice—platinum—and let the customer decide. After learning its value, they can always opt for another metal, but more often than not, they won’t.

Leading with platinum eliminates the need for “upselling” altogether.

Do you hesitate to place special orders due to wait times?

Special orders are well worth the wait—especially for engagement rings and wedding bands. Consider how far in advance couples plan their weddings. A bespoke wedding dress typically takes 8–9 months to produce, yet its worn for only a few hours. Wedding rings, on the other hand, are worn daily for a lifetime. If creating a custom platinum ring takes 3–4 weeks, the value is undeniable—and significantly faster than producing a wedding dress. Consider making this your metal mantra – “if it’s white, make it platinum!”

To help your team remember platinum’s most important attributes, use the acronym PREFERS*:

P – Pure (90% to 95% purity)
R – Rare (30 times rarer than gold)
E – Enduring (superior wear resistance; metal is not lost when scratched)
F – Feels significant (60% heavier than 14K gold; conveys luxury)
E – Emotional (elicits a strong emotional response as a gift)
R – Real white metal (naturally white; never fades or changes color)
S – Secure (holds diamonds and gemstones most securely)

Finally, nothing strengthens sales performance like consistent training. Visit the Platinum Resource Center (www.platinumlearning.com) and encourage your team to watch award-winning training videos—all under 2 minutes, but packed with insights in a fast, dynamic format. Every tool you need to succeed this season is right at your fingertips. Use them and watch the benefits follow.

*Based on PGI’s Retail and Brand Health Study showing that approximately seven out of ten consumers desire platinum.

Platinum Guild International (PGI) is a marketing organization which was created in 1975 with the vision to develop the global platinum jewelry market as a new demand source for platinum. Since then, jewelry development has demonstrated a strong track record in delivering results, and platinum jewelry has contributed over 80 million ounces of demand. platinumjewelry.com