Platinum jewellery is expected to be a popular choice for men looking to buy something special this Valentine's Day. Damon Gross, Chief Operating Officer of Hyde Park Jewellers in Denver, told Forbes that "white gold and platinum are still the most popular when it comes to diamond settings". He said that men could spend anything between $500 to $50,000 during February.

Soaring prices of platinum and other precious metals could lead to a challenging year for Italian jewellers. According to the figures for the first nine months of 2007, Italy's jewellery exports rose 19 per cent to reach over 3.3 billion euros in value but remained static. Franco Fani, Vice President of Centro Promozioni e Servizi, told jewellerynetasia.com that Italy was going through difficult times. "There are lingering concerns about the rising prices of precious metals," he said.

Jewellery designers are using more palladium than platinum to reduce costs as the price of precious metals grows. According to azcentral.com, Scott Kay, who sells his jewellery in boutiques said that palladium was a cheaper alternative. He said that one of his bracelets cost $16,000 in palladium compared to the platinum version which costs $90,000.

Tiffany announced its expectations for sales and earnings growth for the fiscal year beginning of February 1st and said it was adopting a cautious approach to the first half of 2008 in the US. However the company expects at least a ten per cent increase in worldwide net sales and the opening of six new stores. Michael Kowalski, Chairman and Chief Executive Officer, said: "We enter the new fiscal year with confidence in our
store expansion opportunities, our line-up of new product designs and
our ability to enhance customer awareness through our marketing program."

A platinum dog collar worth $1.8 million has gone on sale in California. To celebrate Valentine's Day, iLoveDogs.com created the piece named 'Amour Amour' which is a unique collar with over 1,600 52-carat hand-set diamonds. According to the makers the platinum "ignites the true radiance of the diamonds".

Following the New York Giants triumph in this years' Super Bowl, a jeweller has created the "Ring of Destiny" made of solid platinum. Worth $25,000, the ring also contains a 12-carat sapphire and 4.2 carats of diamonds. It was created by Fred Cuellar, president of Diamond Cutters International and he told Forbes: "It takes over 60 man hours to complete one from start to finish."

As platinum and precious metals prices hit record highs, jewellers are beginning to charge more for their pieces. Problems can arise when customers order products that were not in stock. Now prices of precious metals have risen considerably, a ring priced at $400 may now cost $700. John Henne, of Henne Jewelers in Shadyside, said: "To tell a client this is a lot more expensive than we thought is difficult." But according to the Pittsburgh Post Gazette customers are taking the news well.

De Beers announced that sales in the 2007 fiscal year fell by 2.8 per cent and it is expecting 2008 to be a rocky year as well. The diamond producer is putting its focus into emerging markets such as China and India, according to Jewellerynetasia.com. De Beers is also planning to produce diamonds at similar levels to 2007 but said that the South Africa energy crisis could lead to operational problems. Meanwhile, total sales of De Beers in the 2007 fiscal year reached $6.84 billion.

China is now the world's second largest consumer of gold jewellery ahead of the United States and behind India. According to jewellerynetasia.com, the total consumer demand for the precious metal reached 326 tonnes - an increase of 26 per cent on 2006.

Novell Design Studio, which manufactures wedding rings, is creating a new video brochure for their best designs. Finditt.com will be the home of the videos and consumers can see the latest wedding rings that are usually gracing the pages of bridal magazines.

Last year was a successful time for Hong Kong jewellery makers with exports hitting $4.3 billion. The UK and the UD topped the list of the major export market according to Charles Chan, Chairman of Hong Kong Trade Development Council's Jewellery Advisory Committee. Other countries also received increased exports according to Mr Chan. "Exports to Russia and South Africa, for example, have seen a 177 per cent and 61 per cent increase, respectively," he said at a conference.

Platinum earrings with a two-carat diamond stone were among the best sellers for Amazon.com's Jewelry & Watch store, according the website. Over the fourth quarter of 2007, the shopping website indicated a 100 per cent rise in diamond sales with increasing numbers of customers using the website during Valentines Day and Mother's Day.

Tiffany & Co has announced plans to open a smaller store in Glendale, California, in October 2008 inside The American at Brand - a new 900,000 square foot retail and residential area. Contemporary collections including platinum and diamond pieces will be displayed. Beth Canavan, Executive Vice President of Tiffany & Co, said: "This exciting new concept is simply a new way of looking at Tiffany."

Meanwhile, Tiffany & Co has also opened a new store in Tianjin in China. Opening in the northern port city, the store will cover an area of 130 square metres and is the fifth Tiffancy & Co store in mainland China.

Zale Corp plans to cut 20 per cent of its staff at the company's headquarters as it tries to save $65 million a year. The jewellery firm said it will also close 23 stores in the 2008 financial year which would bring the total number of closed stores for the year ending July 31st to 105. According to Dow Jones, Zale Corp will reduce inventory by $100 million and cut capital expenditures in fiscal 2009 to $45.

As the stars turned up for the Oscars award ceremony at the Kodak Theatre in Los Angeles, Jennifer Hudson was decked out in platinum. The Dream Girls star wore platinum bangles, earrings, rings and a hair pin by Neil Lane.

Young people planning to get married are expected to support platinum sales as the metal becomes fashionable for wedding rings. According to Platinum Guild International, the numbers of young people getting hitched will boost sales of the precious metal.

Ÿ Adfero Ltd