VAISHALI BANERJEE, Managing Director of Platinum Guild International – India, offers her perspectives with Solitaire International on the current trends in platinum jewellery, with a focus on the preferences of the younger generation. She also discusses strategic collaborations with sports celebrities for branding purposes and emphasizes the importance of robust networking initiatives with retail partners to enhance the sales of trendy platinum jewellery.
What are the anticipated jewellery trends for the upcoming season?
For the younger generation the purchase of precious jewellery can be attributed to emotionally significant milestones in their lives. They typically buy precious jewellery to mark personal achievements and emotional milestones, or to elevate their personal style during special occasions or even as meaningful gifts for loved ones during the festive season.
The trend in contemporary platinum jewellery includes statement earrings, necklaces, stackable rings, and bracelets with angular and edgy designs that create a dimensional fluidity through circular forms and grooves.
This modern approach resonates with women who value unique pieces, allowing them to express their individuality on multiple occasions. Notably, platinum has also become the metal of choice among Indian men, reflecting a desire for unique and meaningful jewellery that emphasizes resilience and subtlety.
Male consumers seek sleek and angular designs, with wristwear, chains, pendants, and wristwear being the must-buy items, catering to their distinctive sartorial preferences.
According to PGI’s “2023 Category Health Study” conducted across 15 markets by NielsenIQ, the primary motivations for purchasing platinum jewellery are celebrating special occasions, gifting to loved ones, and recognizing its premium quality.
Patrons of Platinum jewellery seek pieces that are versatile; can easily transition from a day to night look and can be worn across various occasions, as opposed to heavy pieces that can only be worn for specific occasions
They opt for contemporary designs that elevate a festive outfit and just seamlessly complement workwear as well as everyday wear.
What are the key factors contributing to the growth of platinum jewellery sales during festive and wedding seasons?
Propelled by the festive as well as the wedding season, the year-end is an ideal time to leverage the consumer sentiment towards purchasing precious jewellery for self, as well as gifting for loved ones.
We have been collaborating closely with our strategic partners across the country and working in tandem with them to boost platinum jewellery sales, particularly during crucial periods such as the pre-festive and festive seasons.
This is accomplished through regional marketing campaigns and in-store promotions across all three branded categories – Platinum Love Bands, Platinum Evara, and Men of Platinum.
Our comprehensive approach includes design, product selection, marketing, as well as training and education to enhance branding and visibility, with a vision to deliver to what the young consumer is seeking today.
In September 2023, we decided to capitalise on the fandom around the Cricket World Cup season by launching a new collection as well as an integrated marketing campaign for our men’s jewellery segment – Men of Platinum.
We also introduced Cricketer Surya Kumar Yadav as the face of the campaign and created a 360-degree communication campaign to leverage the pre-festive and cricket season to enhance communication and connect with our core target audience of Indian male consumers.
In a dynamic collaboration, PGI joined hands with ESPNcricinfo during World Cup, aiming to deepen consumer engagement and interaction, enhancing our brand’s presence during this highly anticipated sporting event.
In October 2023, we launched a new collection and campaign for our couple bands category – Platinum Love Bands. Led by a thoughtful TVC narrative that reflects the modern and progressive values of today’s couples, the integrated marketing campaign aims at capitalising on the wedding season, while also striking a chord with couples who seek to celebrate special milestones in their relationship journey.
We will also be launching a new integrated marketing campaign with two new faces as well as a new collection for Platinum EVARA. The campaign aims to drive growth within the women’s platinum jewellery segment and boost sales with a key focus on self-purchase.
How has consumer preference in jewellery evolved in recent years, and what strategies has the PGI implemented to meet these changing preferences?
In the ever-evolving jewellery landscape, platinum jewellery occupies a niche within India’s diverse and vibrant jewellery segment, appealing to those who seek the very best in terms of rarity, preciousness, and alluring attributes of the metal. Platinum’s growing popularity indices a promising future for this unique metal in the Indian jewellery market.
In India, PGI operates across three branded categories (Platinum EVARA, Men of Platinum and Platinum Love Bands) which stand for contemporary and progressive values and thus speak strongly to our target audience. The diverse range enables individuals to make a distinct style statement that resonates with their individuality.
Buyers of platinum jewellery in India represent a growing and discerning segment of the consumer market. Platinum’s popularity in India has been on the rise due to its exquisite beauty and rarity, making it a marker of milestones of special moments. The metal continues to create brand narratives that are based on progressive values, thus striking a chord with the younger segment and a design language that is rooted in modern minimalism with meaning embedded in every design.
The strategy to focus on young consumers seeking differentiated jewellery to express their emotions and self-image has paid rich dividends with 89% of young, affluent, urban women considering platinum for their next purchase of precious jewellery.
Over the years, PGI has strategically created opportunities for retailers and manufacturers to target a new demographic of consumers aged between 25 and 40 years. This has expanded the consumer base for platinum jewellery, beyond metro cities.
What is the current outlook of the jewellery industry, and how does PGI contribute to shaping the future of this industry through its initiatives and programs?
The platinum business model generates substantial value for retailers and manufacturers, offering multiple avenues for incremental value that align with the forward-thinking trajectory of a modern business. Urbanisation, characterised by a shifting consumer preference towards modern and stylish jewellery, has played a significant role. Rising disposable incomes enable people to invest in high-quality items like platinum jewellery, especially during festivals when gifting and self-indulgence are prevalent.
PGI has partnered with leading retail houses including national chains, regional chains, and independents with 2000+ doors across 330+ cities to ensure that consumers have access to platinum jewellery and to fulfil the demand potential.
We have a strong presence in markets beyond metros like Kochi, Nashik, Bhubaneshwar, Surat, and Indore, which are growing in both distribution and retail sales.
Our major retailers boast a robust distribution network extending into Tier 2 and 3 markets, ensuring consumers in these regions enjoy an unparalleled platinum experience.
As we continue to expand our horizon beyond metros and cater to growing demand, we expect the platinum category to grow significantly in the coming years. We are looking forward to adding more independent and regional partners and expanding our presence across the country.