Besides the acute Covid pandemic period in 2020, platinum jewellery has performed well, demand-wise in the Indian market, thanks to Gen Z 's interest in the metal.
According to reports, platinum has witnessed a commendable 20-25 per cent growth annually over the last decade, marketed by the Platinum Guild International (PGI)-India to develop the platinum jewellery market, as reported in The Hindu - BusinessLine.
As per the report, in the last 10 years, platinum's growth increased by consumers who chose the metals as a symbol of timeless, precious and classy, especially by the young demography across the country.
With India’s demography turning young, the significance of jewellery has changed. Jewellery is not bought for investment as in the past. The young generation, instead, looks for quality, design and what the brand stands for like quality assurance/ traceability and so on.
Incidentally, PGI-India that brought out a Traceability Card in 2000, and also entered into a strategic partnership with retail outlets, which contribute significantly to overall Platinum jewellery's growth.
Platinum Guild International (PGI) - India Managing Director Vaishali Banerjee reportedly mentioned to Business Line: "The demand for platinum, particularly for jewellery, in 2023 is likely to continue at the same pace witnessed in the last decade. PGI is focusing on young consumers as those aged between 20 and 40 years are its core audience. Platinum is very strong in that age profile.”
According to PGI-India data, tier 1 cities account for 60 per cent demand, tier-2 cities 35 per cent and tier-3 cities 5 per cent. From 16 retail stores in 2022, platinum is now sold in over 1,800 retail outlets across the country and 16 manufacturers are providing unique design jewellery designs.
PGI has also forged strategic partnerships with 658 leading retailers manning these outlets across 330-plus cities. Besides the metros, the cities include Coimbatore, Madurai, Vijayawada, Surat, Rajkot, Baroda, Kochi, Lucknow, Patna, Bhubaneswar, Kanpur and Indore, among others.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
According to reports, platinum has witnessed a commendable 20-25 per cent growth annually over the last decade, marketed by the Platinum Guild International (PGI)-India to develop the platinum jewellery market, as reported in The Hindu - BusinessLine.
As per the report, in the last 10 years, platinum's growth increased by consumers who chose the metals as a symbol of timeless, precious and classy, especially by the young demography across the country.
With India’s demography turning young, the significance of jewellery has changed. Jewellery is not bought for investment as in the past. The young generation, instead, looks for quality, design and what the brand stands for like quality assurance/ traceability and so on.
Incidentally, PGI-India that brought out a Traceability Card in 2000, and also entered into a strategic partnership with retail outlets, which contribute significantly to overall Platinum jewellery's growth.
Platinum Guild International (PGI) - India Managing Director Vaishali Banerjee reportedly mentioned to Business Line: "The demand for platinum, particularly for jewellery, in 2023 is likely to continue at the same pace witnessed in the last decade. PGI is focusing on young consumers as those aged between 20 and 40 years are its core audience. Platinum is very strong in that age profile.”
According to PGI-India data, tier 1 cities account for 60 per cent demand, tier-2 cities 35 per cent and tier-3 cities 5 per cent. From 16 retail stores in 2022, platinum is now sold in over 1,800 retail outlets across the country and 16 manufacturers are providing unique design jewellery designs.
PGI has also forged strategic partnerships with 658 leading retailers manning these outlets across 330-plus cities. Besides the metros, the cities include Coimbatore, Madurai, Vijayawada, Surat, Rajkot, Baroda, Kochi, Lucknow, Patna, Bhubaneswar, Kanpur and Indore, among others.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
