Platinum jewellery sales in India soars 21% YoY in 2017, says PGI
Platinum Guild International (PGI) has published the findings of its 2017 Platinum Jewellery Business Review revealing that two key trends – young consumers and bridal– are emerging to contribute to platinum demand growth in 2018. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in the India, U.S. and Japan for 2017, even outperforming gold in some areas.
“We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewellery sector in 2018,” says CEO Huw Daniel of Platinum Guild International.
“Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India. The rarity of the metal, the designs inspired by global trends and the distinct emotional positioning of platinum makes it the preferred choice of millennials. The outlook for 2018, is strong given that both Platinum Love Bands and Platinum Evara are getting embedded in our culture and the business opportunity that platinum offers to retailers is incremental and sustainable.” said, Vaishali Banerjee, managing director India, PGI.
India has become the engine of platinum jewellery growth globally. Despite continued challenges from new legislations, the industry has seen retail sales reported in platinum ounces up 21 per cent year-on-year for the Platinum Guild International program and fabrication ounce demand growing at 34 per cent Year-on-Year. A strong preference for platinum among young consumers is one of the strongest contributors to the growth of platinum jewellery demand in India. For young India, PGI has created a distinct positioning for platinum versus gold, tapping into modern couples’ desire for jewellery that better represents the bonds oflove in a modern relationship between equals. Throughthe Platinum Days of Love Campaign, platinum has become the metal of choice among today’s young Indian consumers shaping the country’s culture and fashion.
Commenting on the millennial trend Senco Gold & Diamonds, director, Suvankar Sen, said, “Today a jeweller who retails platinum has a clear edge because of the millennial crowd it pulls in. Platinum holds a deeper meaning in their lives and they are very well aware about the metal. This generation wants novelty and versatility in jewellery which platinum has in abundance to offer. We are extremely bullish on platinum jewellery growth in our country, on the back of young India.”
Bridal markets around the world have become strongholds for platinum jewellery across India, China, Japan andthe U.S. In India, the market is led by love-gifting with local organised retailers finding footholds for platinum within the gold-dominated wedding category. The introduction of a new branded segment, Platinum Evara, a modern platinum jewellery collection gifted to the bride and groom before the wedding day has carved out a distinctive niche for platinum and created a new jewellery segment for the industry.
Commenting on the bridal trend Pratap Kamath, managing director, Abaran’, said “Jewellery is an integral and inevitable part of Indian weddings. So far it was only gold that dominated this scenario. However, PGI’s new branded program is creating a new tradition with platinum. Consumers at our store are genuinely purchasing platinum to gift or welcome their new members into their family. This has resulted in higher volumes and given us a realcompetitive edge.”