PGI Releases Annual Platinum Jewellery Business Review

Platinum proves to be a value generator in driving sustainable business for brands amid disruptions

Post By : IJ News Service On 15 June 2022 12:23 PM

Platinum Guild International (PGI) released the annual Platinum Jewellery Business Review (PJBR), highlighting platinum’s prestigious image among jewellery retailers and their customers. Platinum’s unique qualities continue to support consumer demand and further drive margins for the industry, particularly through branded collections that appeal to affluent customers. Platinum’s differentiating qualities and potential for higher margins make it central to jewellery branding strategies. “PGI is devoted to ensuring that platinum plays a distinctive role within the jewellery industry. To achieve this goal, PGI has been working with partners in integrating platinum into branding strategies to win customers’ hearts. Increasingly, building brands and stories around branded collections are instrumental to increasing consumers’ willingness to make a purchase. Increasingly retailers, manufacturers, and designers, are leveraging the unique qualities of platinum to drive their business” says Huw Daniel, Chief Executive Officer of PGI.

Through its unique properties and storied history, platinum is well placed today to drive margin growth in the upper market segment, which is projected to grow much faster than the total market.1 In the PJBR, jewellery brands from luxury houses to market-leading retail chains recognized the differentiating qualities of platinum, such as its strength, its naturally white colour, and its representation of significant meanings and emotions, as a central part of their offering and jewellery-making culture. Additionally, iconic brands are aware of the ultimate versatility of platinum in lending itself to some of the most intricate and finest designs. The prevalence of branding and the positive development of branded collections are reflected in platinum’s key market performances in 2021, where they served as a valuable tactic for generating value and sustainable business development in the post-pandemic era. In 2022, PGI’s strategic partners are expected to maintain the strong growth momentum and see the platinum business returning to pre-pandemic levels.The Platinum Jewellery Business Review is an annual report published by PGI based on surveys  conducted among PGI’s manufacturing and retail partners, together with industry surveys  conducted by independent sources, specifically analysing fabrication ounce demand, retail sales, and trade sentiment in the four major platinum jewellery markets of India, China, the US and  Japan. Find the essence of the India Report below:

India Report

India’s overall jewellery business bounced back in Q3 after the second wave of COVID-19 wiped out a key wedding season in Q2, with momentum continuing into the last quarter. The fourth quarter witnessed significant growth with a strong wedding season and a series of festivals that traditionally encourage jewellery buying, making platinum the fastest-growing category for PGI’s strategic partners in 2021, up by 30% YoY.?

The development of branded collections such as Platinum Days of Love, Evara and Men of Platinum, has enabled platinum-branded portfolios to address the unmet needs of younger consumers in India by fuelling their aspirations. The metal’s strong emotional and image-driven equity with individualistic brand narratives make it both significant and worth a premium price to these consumers, driving high margins and stock turns.

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