India’s Q4 Platinum Jewellery Sales +35-40%: PGI

Platinum jewellery sales saw a growth of 35-40% YoY in Q4 2021 at Platinum Guild International’s (PGI’s) retail partners in India supported by the key festive and wedding season and improved consumer sentiment, according to the latest Platinum Jewellery Business Review.

The key festive and wedding season in Q4 saw increased consumer traffic and a remarkable recovery in business ahead of the third wave of Covid-19.

With stores fully operational, alongside a decline in new infections and the rapid pace of vaccination, there was an increase in consumer walk-ins at stores, PGI noted.

“Platinum jewellery sales from strategic partners surged against a strong festive season last year, driven by targeted promotional activities for new collection launches, amplified retailer campaigns, and programmes to increase conversion,” it added.

Major retailers launched wedding jewellery collections and exclusive collections for festivals like Dhanteras, Diwali, and Durga Puja to drive store traffic and promote higher ticket products to capitalise on seasonal demand. All categories saw growth in the last quarter of 2021 due to the resurgence of the market and positive consumer sentiment.

However, after two strong quarters, the gems and jewellery industry faced new hurdles with the third wave of Covid-19 in India, as cases began increasing during the third week of December, PGI said.

“There is likely to be pent-up demand and revenge buying once the third wave subsides, as a lot of wedding buying has been pushed back due to rising cases. This can be a growth opportunity for platinum with timely consumer and trade marketing programmes,” it noted. There has been high demand for jewellery below $2,040 (Rs.1,50,000). Hence, major retailers are shifting their focus to lightweight jewellery. To address this opportunity, PGI is expanding women’s jewellery across price points with Evara line extensions into self-purchase, and a larger range of men’s jewellery below $2,040.

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