Industry upbeat about positive buying sentiment for platinum jewellery this Ugadi

Growing preference for trendy, daily wear platinum jewellery among the younger segment fuels demand

Mumbai: Ugadi, a festival celebrated to herald a new calendar year in the southern States of India including Andhra Pradesh, Telangana and Karnataka, is all set to add precious platinum jewellery to its gifting repertoire.

Ugadi, considered the festival of new beginnings, calls for a gift that’s as precious and timeless as the occasion itself, and platinum is therefore a good match, as it is known for its ability to withstand daily wear and tear without losing its lustre or shape.

With a purity level of 95%, its durability and versatility, platinum jewellery is an ideal choice for those looking to purchase or gift jewellery on the occasion of Ugadi. These very attributes make platinum a symbol of enduring love and commitment. Be it a pendant, a ring, or a bracelet, gifting platinum is significant.

Commenting on Ugadi, Vaishali Banerjee, Managing Director, Platinum Guild International-India said, “Festivals in India bring a renewed sense of energy and spirit to consumers, who celebrate with great enthusiasm and excitement. These occasions mark new beginnings and positivity, with consumers increasingly looking for meaningful purchases to commemorate the occasion. We have seen a significant uptick in demand for platinum jewellery during these festivities. The upcoming festivities offer a positive outlook for sales, setting the stage for a great footfall in the next quarter for our retail partners.”

Alukkas Varghese Joy, Managing Director, Joyalukkas India Ltd, said, “Ugadi marks the onset of a new year and envelopes the country in a warm festive embrace. We foresee a positive consumer outlook for platinum jewellery. It makes an ideal choice to celebrate this auspicious festival symbolizing prosperity.”

Varghese Alukka, Managing Director, Jos Alukkas, said, “Ugadi holds a symbolic significance as a festival of new beginnings and a harbinger of prosperity. It is viewed as an auspicious occasion to purchase gifts for the family and loved ones.  We have seen that platinum makes for an ideal gift to commemorate this festival, especially among younger consumers. We are optimistic that Ugadi will create a positive momentum that will carry forward through the festive season.”

Rajesh Kalyanaraman, Executive Director of Kalyan Jewellers, said, “As we welcome the new year with a positive outlook and the festive spirit of Ugadi, we are witnessing a positive buying sentiment for platinum jewellery. The increase in footfalls across stores is expected to translate to a significant rise in sales volume. We are optimistic about the upcoming festive season and expect to begin this new year on a high note.”

Dr B Govindan , Chairman,  Bhima Jewellery, said, “We are confident that Ugadi will be a fruitful occasion for us as we are witnessing heightened interest from consumers for various platinum jewellery pieces such as neckwear, bracelets and rings. Enthused with this response, we are expecting the demand momentum to continue.”

G.R. ‘Anand’ Ananthapadmanabhan, Managing Director, GRT Jewellers, said, “Ugadi marks the beginning of a new year and offers an opportunity for a fresh start. There is a strong sense of positivity among our consumers as they get ready to celebrate this festival with much fervour and excitement. We anticipate strong demand for platinum jewellery to mark this important festival. We continue to see a growing preference for trendy, daily wear, platinum jewellery driven by the younger segment and expect this trend to accelerate through the season.”

G. R. Radhakrishnan, Managing Director, GRT Jewellers, said, “Ugadi marks the beginning of a new year in Andhra Pradesh, Telangana and Karnataka and is celebrated with huge fanfare. Being a festival of prosperity and abundance, people prefer buying jewellery for self-purchase as well as gifting.”

The Platinum Guild International (PGI) has been at the forefront of marketing platinum with the vision to develop the global platinum jewellery market as a new demand source for platinum. It has partnered with TUV India Pvt Ltd to implement a robust audit programme to ensure the purity of platinum. Under Platinum Guild India’s quality assurance programme, each individual piece of jewellery has an assured purity as high as 95% and comes stamped with the ‘Pt950’ mark.

Courtesy: Retail Jeweller India News