PGI: Indian Q3 Platinum Jewellery Sales Shrink 40%, But Chain Stores Recover Faster to 75-100% of 2019 Levels

Indian platinum jewellery sales had improved in Q3, particularly among chain stores, thanks to Platinum Guild International’s (PGI’s) conversion programme initiatives as well as the favourable price of platinum compared to gold, PGI reported in its latest Platinum Jewellery Business Review.

PGI’s 30 strategic retail partners with 568 stores across India reported a drop of 40% year-on-year in platinum jewellery sales by volume in Q3 owing to the Covid-19 crisis. Of these, platinum sales from 142 independent stores recovered 50-60% of the level in Q3 2019, while the recovery rate amongst chain stores was higher, at 75-100%, PGI said.

PGI maintains that platinum is well positioned given the current high gold price, especially among entry price point categories like rings, bands and women’s self-purchase jewellery.

Indian retailers have started placing orders for PGI’s new season collection, which has been developed for price points under Rs.1 lakh (approximately $1,355), and is expected to reach stores between mid-November and the first week of December.

PGI said it plans to reignite the demand for platinum jewellery and kickstart the recovery by driving store traffic and aiding conversion for the strategic partners.

In Q3, PGI conducted online product knowledge and sales training sessions for 5,582 sales staff from 248 stores to facilitate conversions from gold to platinum during the season.

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