Platinum Guild International (PGI) unveiled insights from the 2024 Platinum Jewellery Business Review, which analyses retail sales of platinum jewellery, trade performance, and consumer sentiment in PGI’s four key international markets: China, India, Japan, and the US.
Tim Schlick, CEO of PGI, said, “Driving sales and value for platinum jewellery for our strategic partners is our imperative in order to create demand in ounces. We do by implementing powerful new creative ideas, introducing technology and design as well as triggering consumer behaviour. This year, we are also expanding our reach to new categories and markets.”
PGI noted that platinum is the metal of choice for younger jewellery consumers in India, growing double-digits for eight years. While platinum is the fastest-growing niche in the jewellery market, gold still accounts for 80% of the jewellery retail trade.
In India, PGI’s challenge was turning the typical retail store layout into an opportunity, enabling retailers to voluntarily increase customers’ exposure to platinum and focus on the benefits of platinum, including its popularity among young trendsetters, and its higher profit margins. For instance, PGI made platinum more visible in the gold section with innovations like creating platinum jewellery designs with rose gold accents.
By identifying a conversion and upsell opportunity and through improving the last mile of the consumer purchase journey, the gold section program accounts for 30% of all platinum jewellery ounces in India. The reach of platinum-in-gold section products now spans almost 1,200 points of sale, supported by a rigorous training program that has reached almost 80,000 sales staff, with over 20,000 associates in the last year alone. PGI’s enhanced replenishment model also ensures that products within the program are replenished within 72 hours.
Under PGI’s guidance, platinum jewellery has created approximately 90 million incremental ounces since 1975. “By identifying and addressing specific opportunities in our key markets, PGI has created demand for platinum jewellery where it never existed before and built a solid foundation for the future,” said Schlick.