PGI highlights platinum’s rise in India’s gold-dominated market 

The report underscores that platinum has emerged as the metal of choice among younger jewellery consumers in India, experiencing sustained double-digit growth for the past eight years 

Mumbai: Platinum Guild International (PGI) has unveiled revelations from its latest report, the 2024 Platinum Jewellery Business Review, shedding light on the prominence of platinum amidst India’s traditionally gold-centric jewellery market. The report, which delves into retail sales trends, trade dynamics, and consumer preferences across PGI’s key international markets including China, India, Japan, and the US, has drawn attention to platinum’s remarkable ascent. 

Tim Schlick, CEO of PGI, emphasized the organization’s dedication to fostering sales and value for platinum jewellery, particularly through innovative strategies aimed at stimulating consumer demand. Schlick stated, “Driving sales and value for platinum jewellery for our strategic partners is our imperative in order to create demand in ounces. We do that by implementing powerful, new creative ideas, introducing technology and design as well as triggering consumer behaviour. This year, we are also expanding our reach to new categories and markets.”

The report underscores that platinum has emerged as the metal of choice among younger jewellery consumers in India, experiencing sustained double-digit growth for the past eight years. Despite this surge, gold remains dominant, commanding 80% of the jewellery retail trade. 

In the Indian market, PGI faced the challenge of transforming conventional retail store layouts into opportunities to promote platinum. This involved encouraging retailers to enhance customers’ exposure to platinum while emphasizing its allure among young trendsetters and its superior profit margins. PGI implemented innovative strategies, such as integrating platinum designs with rose gold accents into the gold section, to enhance platinum’s visibility and appeal. 

PGI’s efforts bore fruit as the gold section programme, aimed at converting and upselling consumers to platinum, now accounts for a significant portion of platinum jewellery sales in India, spanning approximately 1,200 points of sale. A comprehensive training programme, reaching nearly 80,000 sales staff with over 20,000 associates trained in the past year alone, has supported this initiative. Furthermore, PGI’s enhanced replenishment model ensures swift replenishment of products within the programme, guaranteeing availability within 72 hours. 

Since its inception in 1975, platinum jewellery under PGI’s guidance has generated approximately 90 million incremental ounces, marking a significant milestone in the metal’s journey within the global jewellery landscape. Schlick expressed confidence in PGI’s strategic approach, stating, “By identifying and addressing specific opportunities in our key markets, PGI has created demand for platinum jewellery where it never existed before and built a solid foundation for the future.” 

Courtesy: Retail Jeweller India News