Leading with Platinum

At Platinum Guild International (PGI) India’s 7th Platinum Buyer-Seller Meet in Kochi, PGI’s new CEO, Tim Schlick, shared his vision for the future. Emphasising value creation, market innovation, and expansion into regions like the Middle East, Schlick aims to drive sustainable growth and strengthen PGI’s global presence, while elevating platinum’s status in the jewellery market.

The latest edition of PGI India’s Buyer-Seller Meet in Kochi, held in July 2024, brought together industry leaders to explore new opportunities for platinum jewellery. On the sidelines of the event, The Retail Jeweller interviewed Tim Schlick, the newly appointed CEO of PGI, who succeeded Huw Daniel in April 2024. Schlick discussed his strategic vision for PGI, focusing on creating value for partners, expanding into new markets like the Middle East, and reinforcing PGI’s global presence. With his extensive experience in business strategy and marketing, Schlick aims to drive sustainable growth and innovation within the platinum jewellery industry.

EDITED EXCERPTS:

Pooja Mujumdar (PM): You have recently become the CEO of PGI. What is your vision as the CEO?

Tim Schlick (TS): I inherited PGI from a very strong position, thanks to Huw Daniel, who retired earlier this year after 21 years with the company and nearly a decade as CEO. My vision is to build on this strength and become the biggest value creator in the industry. We want to create significant value for our partners and take PGI to the next level.

PM: What are your strategic objectives for the future?

TS: Our strategy revolves around what we call the value flywheel. It is about improving the business performance of our partners. By creating new occasions and leveraging strong brands and marketing, like we have seen in India, we gain attention and priority from our partners. This leads to more co-funding and co-investment, further enhancing business performance. It becomes a virtuous cycle, with the primary focus being on making our partners’ businesses shine.

PM: How is PGI working towards creating and strengthening the market for platinum jewellery in its top four regions?

TS: Our top four regions are India, the United States, Japan, and China. We are very consumer-centric, building brands by addressing unmet consumer needs. In India, for instance, we start with consumer insights and build programmes or entire brands around them.

PM: How is PGI strengthening the market in India specifically?

TS: It has been nothing short of amazing. Our success in India is driven by our three master brands—Platinum Love Bands, Platinum Evara, and Men of Platinum. These brands are prime examples of how PGI operates, and their performance in India serves as a blueprint for our global strategy.

PM: PGI has recently forayed into the Middle East Market, which has been untapped thus far. How did you gauge the opportunities in the market?

TS: The opportunities in the Middle East are astounding. After thorough research, we identified it as a market with significant potential for growth. It is a large jewellery market with a strong existing jewellery culture. The region also has a strong appetite for premium aspirational brands. Platinum with its differentiated set of attributes and anchorage in rarity, fits right in. We have seen very promising results from our pilot programmes, with strong interest from consumers and partners alike.

PM: What made you choose the Middle East market?

TS: We look for markets with a strong jewellery culture and a growing middle class. The Middle East fits this criterion perfectly. Additionally, the launch of Men of Platinum has resonated well with the Muslim community, who prefer white metals over gold. The expat population, especially South Asians, already has awareness and demand for platinum. Our key partners in the region, like Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas, also have a strong presence there.

“Platinum is perceived as a top-tier metal, even when it is cheaper than gold. This positions us well to capitalise on current high gold prices. Our strategy focuses on maintaining platinum as a niche but very important segment in the market”

Tim Schlick, CEO, PGI

PM: How has it been so far in the Middle East?

TS: Very promising. It is just a pilot right now, but the response has been very positive. Consumers are showing interest and buying the pieces of jewellery. It is a very promising market.

PM: What challenges do you anticipate the precious jewellery category and platinum will face in the near and distant future, and how are you preparing for them?

TS: One challenge is the slowing demand in China due to economic headwinds. However, every challenge is an opportunity. Platinum is perceived as a top-tier metal, even when it is cheaper than gold. This positions us well to capitalise on current high gold prices. Our strategy focuses on maintaining platinum as a niche but very important segment in the market.

PM: How has the Platinum Buyer-Seller Meet evolved over the years?

TS: The event has grown significantly from a small pilot to one of our most important global platforms. This year, we had 15 manufacturers and 54 top retailers participating over two days. The primary focus is on business, presenting directions, and exploring opportunities. The response has been overwhelmingly positive, and we already have interest for next year’s event.

Written by Pooja Mujumdar