PGI boosts platinum as key value creator in major markets

To boost sales and heighten the desirability of precious platinum Platinum Guild International (PGI) has forged upswings in key markets, as evidenced by the Platinum Jewellery Business Review (PJBR) Q3 2022, says a press release from PGI-India.
Huw Daniel, CEO of PGI said: “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.”
In India, 35% YoY increase in platinum jewellery sales was powered by festive shopping and targeted campaigns and promotions. PGI’s 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.
In the US market, retail sales remained resilient in Q3 2022, with year-on-year growth tempered by the highs of Q3 2021. Platinum jewellery sales experienced a modest decline in consumption against a high base, but they are still above 2019 levels and on track for a strong finish to 2022. Such solid performance has generated new interest from more jewellers that do not have a significant presence of platinum in their merchandise mix.  Also, PGI continued striving to improve training through education incentives, such as platinum workshops at the Rhode Island School of Design and courses at Miami Jewelry School.
The Japan market, platinum shone with a Q3 sales increase of 4.7% YoY on the back of a six-consecutive-quarter YoY rise in unit sales. Along with high-purity jewellery, it enjoyed robust growth as the middle classes returned to shopping malls and department stores in the absence of government COVID-19 controls. In addition, the continuing popularity of the Platinum Women brand saw retail partners achieve a solid sales increase and roll out new products in November. Given the positive momentum in Q3, the sentiment for the Christmas shopping season remains very positive.
China faced a surge in COVID cases affecting the jewellery sector which dipped 16% YoY in retail partner sales in Q3. However, a series of PGI initiatives with partners also helped to drive local demand. A celebrity campaign garnered a 60% YoY boost in sales, and a promotion from a franchise retailer in northeast China recorded a 40% YoY sales increase for its Pt Moment® brand. The second part of 2022 Booster buoyed business in 1,583 doors from 62 major retailers in Shandong, Henan and Hebei, leading to over 11,000 pieces of platinum jewellery sold during the event period in September.
In short, PGI’s strategic programmes on marketing, communications and training provide further support to jewellers who are ready to mine the potential of platinum in major markets in the festival season.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished