Specialist jewellery retailer 7879 has reported a surge in revenues for the full year as well as the launch of new technology set to “transform the platinum jewellery market”.
7879 reported revenue growth of 140% for the year ending December 2023, to reach a total of £3.6m, up from £1.5m in the previous year.
It added that platinum jewellery now represents almost 60% of its total sales.
The jewellery specialist said this indicates that value and price remain “the main attractions” for shoppers amid the ongoing cost-of-living crisis as customers hold back on non-essential and luxury items.
In terms of outlook, 7879 confirmed it is on track for the year ahead with hopes to move towards profitability and focus on margins moving forward.
The jewellery brand has also adopted a new patent-protected strength enhancement technique, which it says has the ”potential to transform the market”.
The new technology ensures that pure platinum jewellery can withstand everyday wear and tear, and achieve the same strength and durability as equivalent materials.
7879 co-founder Sach Kukadia said the business was the first jeweller across the UK, Europe and the US to offer the innovation within its jewellery.
Kukadia said: “The patented technique we’ve used to create the classic 7879 Wedding Ring has the potential to transform the platinum jewellery market.
“It means we are the first and only retailer in the UK, Europe and US that can offer pure platinum jewellery that’s more durable and hard-wearing.
“Despite being rarer, denser and traditionally more expensive than gold, pure platinum is currently trading at less than half the price.
“We want to encourage the buying of luxury jewellery as an investment, making it easier to do and delivering true value to our customers, which is why we offer our dynamic pricing model.
“We can already see savvy customers buying more platinum pieces and platinum sales now represent almost 60% of sales.
“In a world where high-quality platinum jewellery is often sold at a premium, 7879 has made it more accessible by pricing each piece directly by weight, free from any heavy mark-ups for branding.”
The news comes after the price of gold hit record highs in 2024, soaring 30% since February 2022 when the cost-of-living crisis first started to take its toll.
No comments yet