Many materials have been utilised to make jewellery from time immemorial like gemstones, beads, coins and other precious items set in precious metals. In costume jewellery, silver and other lesser-valued metals are used, including stainless steel findings.
Over the years, while gold has held its primary place for centuries, platinum alloys have made their presence felt and held their own as the costliest precious metal for decades. In recent years, despite 'white gold' jewellery becoming the favourite of the younger generation, Platinum jewellery is the 'Numero Uno' choice for Gen Z!
Huw Daniel, CEO of PGI however maintains: “The value of branding is well understood and developed in other luxury categories such as fashion, but lags behind in jewellery. PGI leverages consumer research and insight to develop a brand application framework to unlock these opportunities. We have been working with our partners to ensure branded platinum collections with strong storytelling, designs, and new technologies meet the aspirations of our consumers.”
PGI-India's progress in promoting Platinum jewellery has reached an enormous level. During July 2023, PGI concluded yet another successful edition of its annual extravaganza, the 'Platinum Buyer-Seller Meet.' This exclusive gathering, which is by invitation only, has established itself as a cornerstone of the jewellery industry, fostering collaboration and providing a platform to foster lucrative business opportunities between esteemed retailers and manufacturers under the PGI programme.
Held at the Grand Hyatt Bolgatty in Kochi, the 6th Platinum Buyer-Seller Meet brought together more than 60 retailers and 16 manufacturers. During the two-day event, powerful connections were forged, solidifying its reputation as the go-to platform for both platinum jewellery enthusiasts and industry leaders.
Retailers had the opportunity to explore a myriad of innovative products and designs for potential purchases and restocking, reinforcing platinum jewellery's position as the metal of choice for discerning customers seeking unmatched sophistication and enduring value. Taking place amidst the excitement of the upcoming festive and wedding season, the event played a pivotal role in creating an atmosphere of optimism and anticipation, setting the stage for an exhilarating journey of new collections and designs. PGI curated an array of Platinum Evara, Men of Platinum, and Platinum Love Bands, leaving attendees impressed with their elegance and craftsmanship. Each brand unveiled unique pieces that exemplified the timeless allure of platinum, treating participants to a glimpse of what lies ahead for the season.
Vaishali Banerjee, Managing Director of PGI India said: "PGI has consistently strived to look at innovation and incremental business opportunities for the precious metal jewellery category, and the success of the 6th edition of the Platinum Buyer-Seller Meet further reinforces our commitment to excellence. We are immensely grateful to our esteemed retailers and manufacturers for their unwavering partnership, which has been instrumental in driving the robust growth of platinum jewellery. We are confident that the new business opportunities unlocked during this event will receive an overwhelmingly positive response from consumers as we gear up to launch our collections for the festive and wedding season."
Zairin Faizal-Khoo, Head of Market Development at leading platinum producer Anglo American said, "As a proud supporter of PGI India's work, it was great to meet the key stakeholders of the platinum ecosystem in India. The Buyer-Seller Meet, together with PGI India's ongoing design, marketing, and branding activities, demonstrates PGI India's key role in developing the market for platinum jewellery in India. As the economy grows, disposable income rises, and consumer preference evolves, many opportunities exist to expand the uptake of platinum jewellery."
Tim Schlick, Chief Operating Officer of PGI said: "India is one of the most important markets for PGI, so we are pleased our annual 'Platinum Buyer-Seller Meet' has become a strategic platform for retailers and manufacturers under the PGI programme to develop valuable business opportunities as well as generate new ideas to grow platinum's image among consumers. Branded collections represent a major global growth opportunity for our partners, and the quality and craftsmanship of each platinum jewellery brand demonstrated at the event continues to appeal to distinct segments within India's consumer market."
PGI's extensive efforts in elevating platinum's prominence in the industry have yielded remarkable results. By organizing events like the Platinum Buyer-Seller Meet, PGI is playing an instrumental role in creating new opportunities for growth and consumer demand. The 6th edition of the Platinum Buyer-Seller Meet has been a resounding success, leaving a lasting impact on the jewellery industry and paving the way for a promising future. As retailers and manufacturers eagerly embrace the opportunities unveiled at this event, the anticipation for forthcoming collaborations and innovations in the platinum domain continues to build.
Building upon the resounding success of its previous five editions, Platinum Guild International (PGI) - India once again launched its annual flagship retail initiative, Platinum 'Season of Love’ in 2023. This prestigious event witnessed participation from over 1650 stores and has become the pinnacle of achievement in the Indian platinum jewellery sector, celebrating excellence, creativity, and the limitless possibilities within the industry.
The sixth edition of this month-long initiative took place from May 1st to June 1st, 2023. Its primary objectives were to boost a positive sentiment among retail partners and drive platinum jewellery sales during this period. Once again, Platinum Season of Love re-energized the category and significantly enhanced overall consumer demand for platinum. Participating retailers reported a robust 30% increase in growth compared to the previous season last year, reflecting an exceptional consumer response.
Since its inception in 2016, the Platinum Season of Love initiative has experienced tremendous growth. The number of participating stores has skyrocketed from 200 to an impressive 1650 by 2023, marking a remarkable 700+% increase in just seven years. The highly anticipated 'Platinum Season of Love Awards' concluded this year's retail initiative. Hosted by PGI India at the Platinum Buyer-Seller Meet in Kochi, the awards ceremony honours the outstanding achievements of PGI's retail and manufacturing partners, recognizing winners and noteworthy achievers in this flagship retail endeavour.
This year's award recipients in various categories were commended for their efforts in driving increased in-store conversions and bolstering platinum jewellery sales. These partners have played a vital role in elevating the industry to new heights, setting benchmarks for innovation, customer engagement, and exceptional sales growth. The roster of awardees included national winners from chain stores and independent retailers, regional winners from North, South, East, and West from chain stores and independent retailers as well as emerging players in both chain stores and independent retailers. The awards also recognized leading manufacturers for excellence across three branded categories including Platinum Love Bands, Men of Platinum and Platinum Evara for their design excellence as well as retailers’ choice for the service of best manufacturer. Lastly, outstanding sales associates were also awarded for their remarkable performance in retail conversions.
Sharing her views on the astounding success of the initiative, Vaishali Banerjee, Managing Director - PGI India, stated, “With each passing year the Platinum Season of Love initiative continues to redefine excellence in the platinum jewellery industry. This year too we are excited by the achievements of our retail and manufacturing partners. This initiative has proven to be a game-changer, fuelling sales growth and demonstrating unparalleled business opportunities for platinum within the Indian jewellery sector. As we honour the brilliant winners at Platinum Season of Love awards, we celebrate not only the achievements of today but also the potential that awaits us in the world of platinum jewellery.”
On being declared as the Platinum Season of Love National winner under the 6th edition and the regional winner – South award in the chain stores category, Mr G R ‘Anand’ Ananthapadmanabhan, Managing Director of GRT Jewellers expressed: “Winning this award is a true privilege. We would like to take this opportunity to applaud our entire team whose exceptional dedication has contributed to the resounding success we celebrate today. We also thank our patrons and customers who continue to support us through this!”
Mr G R Radhakrishnan, Managing Director, GRT Jewellers further added, “We are grateful to our team and our customers for their invaluable contributions that led to our victory in this prestigious award. It brings us immense joy to receive this double recognition. The latest edition of Platinum Season of Love has played a pivotal role in stimulating the demand for platinum jewellery ahead of a season characterized by significant growth.”
Mr Asher O, Managing Director - Malabar Gold & Diamonds, recipient of 1st runner-up of National awards and winner of regional awards - West & runner-up regional awards - South in Chain stores category, shared his thoughts, saying, “This triple recognition of our efforts is an absolute honour for us. With the festive season soon upon us, the month-long programme was indeed a great way to energize the customers during this important season.”
On being announced as the National Award 2nd runner up and also the winner for Regional–west and east chain store, Mr Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers expressed, “Being acknowledged as a winner across multiple categories is an honour for us. The jewellery industry is currently going through an evolving phase, and we are delighted to be actively involved. The overwhelming response that we have received from our consumers during the Platinum Season of Love initiative has been remarkable. The exceptional feedback we have received fills us with optimism, and we anticipate an exciting second half of the year.”
Winner of Best Independent Store under the national category and runner-up regional awards – West, Mr Milan Shah, Director, Kalamandir said, “The Platinum Season of Love initiative has been instrumental in capitalizing on the demand for platinum jewellery, especially among younger consumers. Winning this award is an achievement for us, as it highlights the success of this initiative.”
Mr Viren Choksi, Director, D Kushalbhai 1st runner-up for the best independent store in the national category said, “We extend our heartfelt gratitude to our team for their dedication and endeavours in achieving the remarkable success of the Platinum Season of Love initiative. The positive response from consumers during this period, coupled with the recognition we have received, serves as a testament to the exceptional efforts put forth by our team.”
Dr Siva Arul, Managing Director, Sarvana Stores Elite Diamonds 2nd runner-up best independent store under the national category said, “We are happy to achieve this award during the esteemed Platinum Season of Love campaign. This recognition will undoubtedly stand as a significant milestone for our team, showcasing our remarkable accomplishments”.
"We are humbled and honoured to receive the prestigious award for emerging chain store at the Season of Love 2023. This recognition symbolizes the passion and dedication we pour into creating a unique and captivating experience for our customers. This award serves as a catalyst for us to stock designs in platinum jewellery that will resonate with our customers. We extend our heartfelt appreciation to our customers who continue supporting us," said Mr John Alukka, Managing Director, Jos Alukkas on winning the Emerging Chain Stores category award.
“This is a great achievement for us, and we are absolutely thrilled to receive this award. The interest and demand for platinum have been on the rise among customers and as an independent retailer, we believe in offering a distinct selection of jewellery pieces that appeal to our target customers. This award inspires us to continue pushing boundaries, seeking new horizons, and creating extraordinary experiences for our customers,” said Rajesh Rokde, Director, Rokde Jewellers on winning emerging independent stores.
“We are overjoyed to be honoured with this dual prestigious recognition. The journey of men's jewellery for us has been a long and remarkable one, making this retailer recognition even more meaningful and humbling for us. With the current demand trends in mind, we hold great expectations and eagerly anticipate promising growth in the upcoming quarter,” said Mr Nirmal Rawal, BN Jewellers on being felicitated with the Best Manufacturer Award for Men of Platinum and Service – Retailers’ Choice.
“We are deeply honoured to receive this award for Platinum Days of Love. The Platinum 'Season of Love programme is a brilliant initiative. It has played a pivotal role in enhancing the demand for platinum jewellery, especially among younger consumers. As we persist in our commitment to pushing boundaries and achieving excellence in crafting platinum love bands, we are equally enthusiastic about expanding our offerings to a diverse range of products, including bracelets, chains, and exquisite platinum jewellery tailored for men,” said Madhu Dhabuwala from Jewelex on being awarded the Best Manufacturer Award for design excellence for Platinum Days of Love.
“In recent months, we have experienced extraordinary progress, especially with the introduction of self-purchase options within Platinum Evara. Winning the prestigious award for Platinum Evara fills us with immense joy. Moreover, we have successfully crafted innovative designs for Platinum Days of Love and developed a dedicated collection for Men of Platinum, aimed at fuelling further growth in the platinum market,” stated Mr Binay Goenka from HK Jewels.
But, with competition at its peak in the jewellery industry globally, various steps are taken to be ahead in the race. Branded jewellery is expected to be a major growth engine in the coming years as the jewellery industry trends continue to evolve, says Platinum Guild International (PGI), the global marketing organisation dedicated to creating and strengthening the market for platinum jewellery. Effective branding builds strong consumer relevance and connectivity, which younger consumers appreciate.
Studying some of the major jewellery markets of the world, one gets a clearer picture of the clever maneuverability in the business. For instance, India has a mature jewellery market and a deeply entrenched jewellery culture, with a large base of young and financially independent consumers. As chain retailers and the organised trade are set to lead the jewellery industry’s growth, platinum creates significant value by addressing the needs of the young consumer and driving bottom-line growth for the partners. Also, celebrating strong values and tapping into the cohort of young, affluent, urban men is rewarding in the fastest-growing platinum market.
In 2022, platinum was the top-performing jewellery category, delivering 20% year-on-year growth in fabrication to 198K ounces driving conversion and margins. At the retail level, PGI partners reported an increase of 26% in 2022 compared to the previous year. PGI expects the strong growth in platinum jewellery to continue in 2023, helped by platinum’s unique margin opportunity and strengthening consumer demand. Currently, India’s 12.2 million young, affluent, urban men are a ready market for branded jewellery which currently represents a white space. The reason why 'Men of Platinum in India' was created by PGI is to meet the aspirations of these men and recognise their evolving values and aspirations, which no jewellery currently captures. So much so, 'Men of Platinum' leveraged India’s love for cricket through its brand ambassador KL Rahul, a cricketer who embodies the values of the brand. Together with partners’ co-promotions, retail sales have increased fivefold since its inception, and distribution has doubled to almost a thousand doors.
However, the Japanese jewellery market is more into delicate, affordable pieces reflecting the values of young Japanese women creating an intro-priced platinum category and seed future demand. Platinum is the go-to jewellery metal for good quality jewellery in Japan, representing a quarter of all jewellery unit sales in 2022. With many pieces of high-end jewellery only offered in platinum, its average unit price is considerably higher than the market average. Platinum’s elevated status is a strong foundation for branded jewellery.
Reflecting the sharp uptake in consumer interest in jewellery led by COVID-19, the Japanese jewellery market in 2022 recorded the highest sales in 14 years. Platinum jewellery retail ounce sales grew by 6.2% year-on-year and are expected to remain positive, thanks to a recovery in consumer sentiment and the return of tourists shopping for jewellery.
While Japan is an ageing society, it also has a substantial cohort of young consumers, primed to embrace platinum. Women between the ages of 20 and 34 are increasing their income and willingness to spend on themselves. They want jewellery that speaks to and about who they are but are often overlooked by the jewellery industry, outside of bridal. Platinum Woman is the platinum brand that addresses the needs of the next generation of heavy platinum jewellery buyers through its affordable and youthful collection from four top-of-class retail partners. Thriving since its launch in November 2020, partner sales continued to grow in 2022, with a 69% increase in value over 2021.
Meanwhile, in China fashion-forward platinum brand speaks to young Chinese women, delivering results amidst uncertainties. China ranks first among all jewellery markets in the world, but growth has shifted from Tier 1 and 2 cities to lower-tier cities. During this transition, China is moving towards large jewellery retail chains that are quick to use more branded jewellery. The year 2022 was an extremely challenging year for the Chinese economy and consumers, with approximately two fiscal quarters of stifled business activity. Consumer confidence continued to weaken on the back of multiple sporadic COVID outbreaks. Traffic to both manufacturing showrooms and retail stores was significantly affected.
Platinum jewellery fabrication slumped by 32% year-on-year to less than half a million ounces in 2022. With store traffic being severely affected, retailers were reluctant to replenish products and instead sought to keep stock levels to a minimum. But now, uncertainty remains in 2023 despite some recent recovery. In the long term, the introduction of premium platinum products will create appeal to both consumers and the jewellery trade. Branded collections such as Pt Moment have been contributing to the post-COVID recovery in China and will continue in the future. Aiming at young women who want to embrace tenacity and elegance with their own take on contemporary femininity, this branded collection offers affordable non-bridal precious jewellery options that fit their needs. Powered by design innovations and new technologies, the branded collection featured more than 150 SKUs in 2022, and increased distribution from around 50 doors in 2018 to 1,800 in 2022. The sales volume of Pt Moment® grew at a CAGR of 11% during 2020-2022, despite the COVID outbreaks and pandemic-control measures.
The US market offered platinum metal-only, fashion-focused branded collections for American women. After reaching a record level of sales in 2021, the US platinum jewellery industry saw another year of noteworthy performance. Retail sales increased a further 9% year-on-year, despite facing multiple challenges in 2022, including inflation, global supply chain issues, the war in Ukraine, and resulting sanctions. The outlook remains positive for 2023 as consumer spending remains robust and high gold prices make platinum a favourite for the price-sensitive trade.
Previously, only a limited range of platinum jewellery was available outside the bridal market in the US. Platinum Born, the metal-only platinum brand, brings a fashion-forward jewellery collection that helps empower a sense of modern femininity, especially among younger women seeking unique designs to express their individuality. Platinum Born has expanded platinum into distribution channels that have had limited platinum offerings historically, including high-end department stores like Neiman Marcus and Saks Fifth Avenue. The brand added 23 new SKUs in 2022, both at higher and lower price points. The 2022 unit sales doubled, and dollar sales increased 60% over 2021.
Huw Daniel said: “While our approach differs from country to country in order to meet the needs of local consumers, it’s clear that branded collections are a major growth engine for the future of the platinum jewellery industry.”
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
