Slow and Steady Platinum

Since its launch, the gold crazy Indian nation seems to be slowly falling prey to the charming platinum. The consistent volatility in the gold prices, rising no of ubercool men using jewellery has given rise to increasing popularity of platinum in the country. In the last few years the Indian platinum jewellery market has accelerated at a fast pace witnessing a high growth +41 per cent, on the back of consumer familiarity and demand, says 'Indian Retail Trade Barometer' research conducted by Platinum Guild International (PGI). The Barometer is the first independent research of its kind to analyse and forecast global trends in the platinum jewellery market from the perspective of retail sales.

Among the key drivers the Platinum Day of Love (PDOL) - Couple Bands accounted for +35 per cent growth with innovative designs, concepts linked to eternal love through the PDOL campaign. Other than this the Men’s jewellery range (chains and bracelets) has grown rapidly at + 53 per cent with platinum being a lead category within men’s jewellery. While couple bands continue to be the volume driver as they are fast moving items, most retailers intend to increase stocking of ‘heavier’ items, which include men’s range, necklaces, bangles, etc. for increasing their platinum jewellery sales volumes and average ticket sizes. Around 900+ stores stock platinum today and it is expected that more stores will start stocking platinum as the demand from the consumer continues to increase.

So what is the future of platinum jewellery in the gold-crazy nation like India? Speaking about the future of platinum jewellery in India, Vaishali Banerjee, Country Manager India, Platinum Guild International said, “Fundamentally, jewellery is an integral part of the Indian ethos that itself allows multiple precious metals to co-exist. India has a growing young population, which is close to 70 per cent of the population less than 45 years which works to platinum’s advantage, as platinum appeals to the younger audience. Therefore, in the long term the outlook for platinum jewellery will be strong. Platinum provides an opportunity to offer something new to existing customers and attracts new customers who are keen to buy platinum jewellery. While retailers continue to sell platinum jewellery to their existing customers, a large part of the business comes from new customers. Among the rising demand in platinum jewellery, love bands (couple rings), women’s chain and pendants and men’s chain or bracelet are the most popular.”

Platinum is purchased as a gift of love could be between couples, parent daughter or child, siblings, etc. or as self reward (self purchase) and normally platinum is symbolic of milestones occasions in a consumers life. This love for platinum is expected to grow from 25 per cent to 60 per cent, averaging out to 35 per cent, as per the Retail Barometer Report.