Pallavi Sharma, Deputy Country Manager – India & ME informed that the response to platinum at IIJS Bharat Premiere was extremely encouraging, with the brand seeing strong buying interest across consumer segments and retailers stocking up for upcoming campaigns. Excerpts from the interview…
What are the upcoming PGI campaigns in India?
We are looking at two distinct consumer groups — the 35-plus segment and the younger 25-to-35 audience — and this time we have consciously approached them differently. Ace cricketer Rohit Sharma will be the brand ambassador for the 35-plus segment, representing the more substantial, heavier product category. For the younger consumer, PGI India is roping in music sensation and composer Anirudh Ravichander, who has a strong connect with the South. Moreover, younger audiences are beyond cricket, and this has opened a new avenue for platinum jewellery.
What kind of jewellery line has been envisaged for the younger population?
The jewellery is not just lightweight or simply scooped out. It has been designed specifically for this audience, with a vastly different styling language — double chains, long chains, pendants, flexi bracelets, thumb rings, and studs.”
How has the response been from the visiting retailers at IIJS?
The strategy is resonating strongly with retailers. At IIJS, we have received both campaign orders from every big retailer. Everybody has tuned in, confirmed their campaigns, and is stocking up. The whole stocking-up will happen in August itself, so all the orders are confirmed. There is also a lot of buzz around the Love Bands. This time, we had had remarkably busy days at IIJS right from Day 1.
What is the response to men’s jewellery?
Men’s jewellery still has considerable headroom for growth. South is an extremely big market for us, but we have hardly scratched the surface. Men’s jewellery is still at a penetration stage, so it needed that initiation where you acquire the consumer at a certain life stage.
On the innovation side, what is the response to the new alloy Inoveo platinum – a new alloy for the jewellery market? Comprised of 95% pure platinum, Platinum being 40% harder than standard platinum alloys.
The launch of Inoveo platinum, the new alloy developed through research undertaken by PGI India’s foundation, Valterra, was built around addressing specific manufacturing challenges faced by platinum jewellery makers.
Inoveo is a brighter, whiter alloy that is far sturdier and more enduring. We have seen success with machine chains so far, and that is significant because machine chains are one of the largest categories. Its durability makes it particularly suited to everyday precious jewellery for both men and women.
Inoveo is already being retailed through many trade partners, and the alloy is also being explored for casting, machining, and stamping applications.
The development involved extensive international research as well as engagement with Indian manufacturers to identify the key pain points in working with platinum. These inputs were then analysed using machine learning to identify more efficient alloy combinations.
What is the outlook for platinum jewellery in India?
Platinum has a great price advantage and a purity advantage, so there is no compromise either on purity or look.
We are also seeing a strong potential for platinum in bimetal jewellery, where platinum can provide both design and price differentiation. Bimetal continues to do well. Wherever consumers want design differentiation and price differentiation, bimetal platinum does everything. With 18-karat gold and 950 platinum together, it is as precious as it can get.
With retailers actively stocking up at IIJS Bharat Premiere and new consumer-facing campaigns lined up, we believe the current momentum offers a strong platform for platinum to reach a wider and younger audience.