Platinum Guild International’s India Report informs of a recovery in platinum jewellery sales and rise in key markets
In the latest Platinum Jewellery Business Review Q2 2022, Platinum Guild International (PGI) reports a continued recovery in platinum jewellery sales in India, Japan and the United States in the second quarter of 2022, despite the lingering effects of the pandemic and rising inflation. In part, the upswing has been fuelled by a series of marketing programmes underscoring platinum’s lustre and emotional appeal, supporting the industry’s demand to drive sales and margin growth post-pandemic.
“As consumers rejoice in the return of festivities and shopping after successive lockdowns, the industry’s marketing and promotional campaigns have renewed the appetite for platinum jewellery that is appreciated for its quality, worth and emotional value,” said Huw Daniel, CEO of PGI. “At the same time, our manufacturing and retail partners are delivering diverse branded collections to drive margin growth and appeal to more customers.”
India Platinum Jewellery Industry Review
Encompassing the festivals of Gudi Padwa and Akshaya Tritiya, and the onset of the summer wedding season, India’s gem and jewellery industry enjoyed strong momentum in the second quarter of 2022 after businesses were disrupted for two years in a row. PGI’s strategic partners reported gains of 2-3 times compared to a year ago, and 110% growth from the same quarter in 2019. As store traffic increased, retailers focused on driving higher margins through sales of platinum jewellery.
After a two-year hiatus, the Platinum Season of Love returned with a month-long digital media campaign. Over 1,400 doors from over 300 retailers participated in SOL 2022, delivering a sales jump of more than 100% over the 2019 programme. This was also owing to platinum’s strong emotional equities that entail distinctive brand narratives that differentiate from gold and drive high margins and stock turns.
Photo credit to Platinum Woman.