7879, a specialist jewellery retailer, has experienced a substantial increase in sales as well as the introduction of innovative technology set to revolutionize the platinum jewellery industry.
In the fiscal year ending December 2023, 7879 achieved a noteworthy 140% growth in revenue, reaching £3.6m, a significant leap from the previous year’s £1.5m. Furthermore, the retailer disclosed that nearly 60% of its total sales now consist of platinum jewellery.
This surge in platinum jewellery sales highlights the enduring attraction of value and affordability, particularly in light of the current economic challenges faced by consumers. As the cost-of-living crisis prompts individuals to be cautious in their discretionary spending, they continue to be drawn to the attractive pricing of platinum jewellery.
Looking to the future, 7879 has indicated its dedication to pursuing profitability in the upcoming year, with a strategic emphasis on enhancing profit margins. This forward-thinking approach positions the retailer for sustained success in the evolving jewellery landscape.
In addition to its impressive financial performance, 7879 has introduced an innovative, patent-protected technique designed to enhance the durability of platinum jewellery. With this pioneering technology, pure platinum pieces can now withstand everyday wear and tear, boasting the same level of resilience as their counterparts crafted from alternative materials.
Co-founder of 7879, Sach Kukadia, praised this exceptional achievement as the retailer became a pioneer of this transformative advancement in the jewellery field. According to Kukadia, “The patented technique we’ve used to create the classic 7879 Wedding Ring has the potential to transform the platinum jewellery market.”
In the context of the inherent rarity and historical premium pricing of platinum, 7879 has worked towards democratizing access to luxury jewellery by implementing a dynamic pricing model. By pricing each piece directly by weight, the retailer aims to eliminate excessive mark-ups traditionally associated with branding, thus offering genuine value to its discerning clientele.
This forward-thinking approach has already garnered substantial appeal from informed consumers, resulting in a notable increase in the purchase of platinum pieces. As a result, platinum sales have now risen to a commanding 60% of 7879’s overall sales figures.
The introduction of this game-changing technology and the strategic focus on affordability and durability have coincided with a pivotal moment in the precious metal market. Gold prices have surged to record highs, escalating by 30% since the onset of the cost-of-living crisis in February 2022.
In summary, 7879’s outstanding performance and innovative strides epitomize its commitment to redefining the jewellery sector. By increasing accessibility, bolstering product resilience, and sustaining financial growth, the retailer presents a compelling vision for the future of luxury retail.