India’s Q1 Platinum Jewellery Sales +20-30% By Volume: PGI

Platinum Guild International (PGI) said two-thirds of its Indian retail partners experienced growth of 20-30% YoY in platinum jewellery volume sales in Q1 2022, according to the latest Platinum Jewellery Business Review. This was attributed to rising gold prices, so retailers focused on driving higher margins through platinum jewellery by aggressively driving conversions in stores, PGI said.

Sharing its top-line insights for the Indian market, PGI said it deployed marketing campaigns across the three brands to create awareness and drive visits to the sites. The in-store activation in February and co-op campaigns by retail partners also aided the increase in traffic and sales, it noted.

“Strategic partners increasingly focused on promoting Men of Platinum to drive higher volumes. The increasing traction for men’s jewellery and continued investment from retail partners is an indication of the strong affinity and aspiration that this brand has been able to build amongst the consumers,” PGI commented.

The retailers’ promotion of lightweight jewellery is an opportunity for Evara’s self-purchase collection and a larger range of men’s jewellery below $2,040 (Rs.1,50,000) under Men of Platinum, it said.

“Q2 could potentially become a strong quarter on the back of key jewellery buying occasions and the summer wedding season. The jewellery industry aims to maximise this opportunity with marketing programmes especially for Akshaya Tritiya,” PGI informed.

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