Platinum has once again shown steady growth in Q1, and retailers expect this positive momentum to continue, according to the Platinum Jewellery Business Review (PJBR) update for Q1 2023 released by the Platinum Guild International (PGI). However, despite the impact of high gold prices in the Q1 2023, the jewellery trade in India remains cautiously optimistic about the year ahead. Retailers are focusing on maximising every store walk-in by promoting high-margin categories such as platinum, it noted.
Platinum jewellery sales showed an average year-on-year growth of 20% in Q1 2023, driven by retail activations around Valentine’s Day, in-store promotions, digital outreach campaigns, and training programs by PGI. The high gold prices provided an opportunity for platinum to attract customers seeking alternatives, it explained.
The jewellery industry had mixed reactions to the Union Budget 2023, as expectations for incentives and a reduction in import duty on gold were not met. Sales experienced moderate growth in Q1, with a slowdown in March due to volatile gold prices. Retailers actively promoted bridal jewellery and lightweight studded jewellery to maximise sales during this period, PGI said.