Despite record sterling prices for platinum during 2005 hallmarking statistics indicate that the UK consumers’ preference for the whitest and most precious metal has not diminished. Hallmarking statistics, issued by the Assay Office of Great Britain, for the final quarter of 2005 showed a continuation of the trend for the rest of the year. While the weight of gold pieces marked was down 27%, platinum was up 1.3%.

During the whole of the year 323,440 pieces of platinum jewellery weighing 93,589 ozs were marked with the average weight per piece of platinum jewellery marked also increasing. Over 10 grams per piece, an 18% increase on the average weight of pieces marked in 2004, this is indicative of the trend towards heavier wedding rings - particularly for men.

The platinum bridal ring sector continues to prosper but where the higher metal price may be having a negative effect is in the non-bridal jewellery sector. Even here, however, it appears that the turndown in production in this sector is a result of jewellers’ reactions to the increased price rather than a consumer response. Concerned that the rising value of platinum is pricing it out of the market, some jewellers have been stocking fewer jewellery pieces in the metal. In fact consumer focus group research conducted by Platinum Guild International (PGI) has shown that platinum continues to be the first choice among those questioned.

Encouraged by the research and the continuing strong market for platinum in the UK, PGI is stepping up their promotional activities there. In January they launched a new advertising campaign firmly targeting the bridal market and ensuring that platinum is considered for all three rings – engagement ring and the couple’s wedding bands. A new slogan for the campaign came out of extensive consumer research into what makes a couple decide to get married - “Your love has just gone Platinum”.

The UK jewellery industry is excited about the new campaign, with manufacturers and designers queuing up to participate in it and many report platinum sales at the start of the new year continue to be very healthy.