Strong Q4 in 2022 for the platinum jewellery market - retail sales up 22%

 

~ Consumer demand drives sales despite global uncertainties in the last quarter ~

India, 2023: Platinum continued to enjoy strong demand from Indian consumers in the October – December quarter, resulting in a rise of 22% in retail sales in Q4 2022.  Powered by the wedding season and festive season sales, PGI’s strategic partners sustained strong growth momentum in sales for platinum jewellery demand.

Customer preference for platinum jewellery and subsequent sales has picked on the back of product innovations, growth and expansion of consumer shopping capacity and the growing popularity of e-commerce. The steady growth in demand is an indicator of recognition for platinum’s key quality markers such as rarity, purity and durability, highlighted through various PGI marketing programmes.

The auspicious festival of Diwali, particularly Dhanteras, which signifies an increase in wealth and prosperity attracted customers to buy precious metal Jewellery including platinum. The market reported slower demand and a decline in traffic to the stores post Diwali for the regions of South, North-East and Gujarat. However, demand was back up in December, particularly in the South and in Gujarat due to NRIs and the wedding season. The sector performed well given the economic challenges. 

Commenting on the demand for platinum jewellery among Indian customers, Vaishali Banerjee, Managing Director, Platinum Guild International-India said, “Today, platinum jewellery in India occupies a very distinctive space among young, discerning consumers. It enjoys consideration among consumers to mark milestones. The demand is driven by contemporary design language, with many customers opting for platinum's rarity and purity.  Owing to the consistent efforts by PGI and our retail partners, Q4 witnessed growth momentum led by various initiatives that played an important role in building consumer confidence in the metal. In 2023, with PGI’s strategic approach, programs and partners' continued support, we will strive to further grow and expand the footprint of the platinum jewellery market in the country.” 

“Q4 saw an increased interest among Men of Platinum owing to the wedding and NRI seasons. Our ‘Infiniti’ collection which was a design innovation crafted from platinum and ceramic generated interest among our consumers. We believe this demand will stay strong in the coming quarters.” Said Amarendran Vummidi, Partner, Vummidi Bangaru Jewellers

Milan Shah, Director, Kalamandir said, “Platinum jewellery is becoming increasingly popular with younger audiences, driving up retail sales. Platinum Evara particularly is in high demand with young women consumers due to its contemporary designs. In fact, in Q4 2022 we introduced new designs that helped drive consumer walk-ins, especially during the auspicious occasion of Dhanteras and thereafter the NRI and wedding seasons. Our campaign for Men of Platinum was also very popular among our consumers and generated a lot of interest during this high decibel period.”

Suvankar Sen, CEO & MD, Senco Gold & Diamonds said, “We launched the new Evara collection that was instrumental in driving incremental sales for platinum during the high-octane season of Diwali. The activities that we planned to drive visibility and awareness for this collection drove great interest among our consumers and thereby set an upbeat tone for the rest of the quarter.”

“Our Q4 initiatives for Platinum Love Bands and Men of Platinum helped us drive interest and sales among consumers who were seeking differentiated offerings for the festive season. In fact, we introduced new product lines for Men of Platinum including chains and bracelets. It was very popular amongst our male audiences nationally. This also led to us setting a positive start for 2023 and imminent growth for platinum jewellery.,” stated Rajesh Kalyanaram, Executive Director, Kalyan Jewellers

“There has been a steady and sustainable growth in demand for platinum jewellery. Platinum jewellery is becoming increasingly popular among customers, especially young women. Keeping this in mind, we introduced Platinum Evara for our discerning consumers which further led to not only an increase in footfalls but also brought in new consumers during this most important purchase period.” Rajesh Rokde, Director, Rokde Jewellers