PGI: India’s Q3 Platinum Demand Buoyed By Festive Sales, BSM, Campaigns & IIJS Premiere

In India, platinum jewellery volume sales in Q3 2022 grew by 35% as compared to Q3 2021, a period with high growth due to pent-up demand, according to the Platinum Jewellery Business Review (PJBR) for Q3 2022 published by Platinum Guild International (PGI)
Platinum Evara necklace. Courtesy PGI
Platinum Evara necklace. Courtesy PGI

Huw Daniel, CEO of PGI, said, “PGI’s mission to boost the desirability of platinum and drive sales for our partners is succeeding, despite the economic challenges of 2022, and the two pandemic-affected years preceding it. We are delighted to see the strategic programmes leveraging platinum’s unique qualities have delivered strong results, presenting platinum as a key value generator for our partners during the post-pandemic recovery and the key festive and shopping season.”

PGI said the high growth in India can also be attributed to high consumer walk-ins to stores during July-August 2022 due to steady gold prices and festivals leading to higher conversions and strong demand. It also credited its dedicated marketing campaigns for the increase in consumer walk-ins.

The 5th edition of the Buyer Seller Meet was held after a two-year hiatus in Bengaluru in July, it noted. With a buoyant trade and consumer sentiment, the event set the tone for the big wedding and festive season and saw high growth in orders compared to the pre-pandemic level in 2019.

PGI added that the 38th edition of the India International Jewellery Show (IIJS) Premiere that was held in Mumbai on 4-8 August, saw 13 leading platinum manufacturers showcase more than 6,000 designs. They also introduced new products for the season to potential retailers and retailers from the tier 2-3 markets.

PGI said its strategy of raising the awareness of platinum brands through training and targeted marketing campaigns, such as the one with the Indian ace cricketer K.L. Rahul for the brand Men for Platinum, has continued to reap dividends for retailers. Those marketing efforts have strengthened the link between platinum’s intrinsic qualities and consumers’ desire for morale-boosting brilliance and reassuring durability in uncertain times.

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