Platinum is one of the rarest metals to exist on this planet, which makes it instantly more appealing for millennials. Vaishali Banerjee, Managing Director, PGI India, decodes the reasons for its popularity with the younger generation.
What makes this rare metal a favourite among the younger generation?
Today’s millennials are discerning and aware of various international trends. They seek product experiences that are more wholesome and add meaning and value to their lives. The millennials’ need to increasingly want to make a subtle yet discerning style statement through meaningful experiences offers platinum an ideal opportunity to enter their lives, as a marker of emotional milestones and special achievements.
Platinum is one of the rarest metals to exist on this planet, which makes it instantly more appealing for this segment who is our target audience. Its unique design elements and progressive value system appeals to millennials as these are in sync with their set of modern values and beliefs that they live by. A growing awareness and acceptance of these facets of platinum as a metal is driving acquisition today amongst the millennials. They prefer products, services and experiences that reflect these beliefs and thus each purchase they make occupies an important place in their life’s journey – marking a special moment.
As per our recent Global Survey, young consumers are increasingly looking at precious jewellery to express gratitude and appreciation, add value to occasions and celebrate special relationships with their loved ones. This current consumer sentiment thus provides an added advantage to the precious white metal to enter a consumer’s life through our branded portfolio. Platinum Evara for the young women who are keen on wearing modern and versatile pieces that reflect their individualistic beliefs; statement pieces from Men of Platinum for the young Indian male consumer to mark his achievements; and, exquisite Love Bands from Platinum Days of Love as young couples are keen on marking intimate milestones in their relationship journey, especially through the challenging times they have faced this year.
With platinum rates becoming more affordable vis-a-vis gold, will the cost factor be one of the sales drivers for the metal?
The current platinum price is an advantage for the consumers as they can purchase a precious and rare metal of the highest quality, and value at a reasonable cost.
How platinum has evolved as an important element in emotional milestones?
Platinum is 30 times rarer than gold, and known for its lustre, strength and durability. Platinum, one of the strongest, natural materials on the planet, is known for its ability to withstand daily wear without thinning. Platinum jewellery is almost entirely pure, at 95% purity even when it’s set with diamonds makes platinum one of the finest metals available on the market today.
This makes platinum a natural choice for milestone jewellery, such as engagement rings and wedding bands, because it holds significant gemstones better than any other precious metal. The world over, platinum is regarded as the ‘love metal’ and bought for moments of ‘emotional significance’; it is not only a means of self-expression and status, it is also an expression of love, appreciation and gratitude across different relationships.
Tell us more about PGI India’s partnership with Oxfam.
The Covid-19 situation has left many reeling from its impact. It has been particularly harsh on certain marginalised sections such as the migrant workers. Taking a step towards helping the migrant workers, we at Platinum Guild India have joined hands with Oxfam India and launched the “Platinum Season of Hope” initiative.
This initiative will impact 4,500 families, approximately 22,500 individuals over a period of three months. We desire to give back to the community and be a glimmer of hope for the very people who hold our ecosystem together – the migrant workers. It was in fact this cause and purpose that was at the heart of us calling it the Season of Hope.
Is PGI India planning any aggressive marketing promotion in the run-up to the festive season?
Consumers are seeking a reaffirmation of life more so in the absence of various other things they used to enjoy, armed with a renewed sense of what really matters; consumers are keen to express a sense of gratitude and appreciation towards their loved ones. Platinum fits right into this motivation given that a reaffirmation of life, love, values and relationships is what the rare precious metal has always stood for.
Successive phases of unlock with the convergence of the festive and the wedding season in Q4 have meant that the sentiment towards the category remains positive. The Season of Hope will act as a catalyst building on this positive sentiment. It will straddle all three platinum branded categories, Platinum Days of Love – the couple band offering, Men of Platinum – the offering for men & Evara – placed in the women’s segment. This unique retail initiative on platinum jewellery pans out across 1,200 stores in India and is backed by a robust communication plan. It is led by a new film, supported by print, digital, and PR across markets to ensure high reach and frequency.
Drawing from the insight that the pause to the hustle of everyday activities, the constraints, restraints and challenges on most of the things that we actually took for granted has meant a re-evaluation of our priorities and new realizations for many. Many have arrived at a point of clarity on the values that count, the relationships that hold ground and are precious to them, the gestures that can carry one through and have brought in some joy during tough times.