Specialist jewellery retailer 7879 has reported a significant increase in revenues for the full year, alongside the launch of a groundbreaking technology set to revolutionize the platinum jewellery market.
For the year ending December 2023, 7879 reported a 140% growth in revenue, reaching £3.6 million, up from £1.5 million the previous year. Platinum jewellery now constitutes nearly 60% of its total sales.
The company attributes this growth to the perceived value and affordability of platinum amid the ongoing cost-of-living crisis, as consumers become more cautious with their spending on non-essential and luxury items.
Looking ahead, 7879 aims to achieve profitability and improve margins. The jewellery brand has adopted a new patent-protected strength enhancement technique that significantly improves the durability of pure platinum jewellery, making it comparable to other materials in terms of strength and everyday wearability.
7879 co-founder Sach Kukadia highlighted that the business is the first jeweller across the UK, Europe, and the US to offer this innovative technology. “The patented technique we’ve used to create the classic 7879 Wedding Ring has the potential to transform the platinum jewellery market,” Kukadia said. “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 of gold. Kukadia emphasized that 7879 aims to encourage the purchase of luxury jewellery as an investment by offering a dynamic pricing model that delivers true value to customers.
“We can already see savvy customers buying more platinum pieces, with platinum sales now representing almost 60% of our sales,” Kukadia noted. “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.”
This development comes after gold prices reached record highs in 2024, soaring 30% since February 2022, as the cost-of-living crisis began to impact consumer spending.
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