Platinum jewellery continued to enjoy strong demand from Indian consumers in the October-December 2022 quarter, resulting in a 22% rise in retail sales, driven by wedding and festive season demand, according to a statement from Platinum Guild International (PGI) \u2013 India.<\/p>\n
Customer preference for platinum jewellery has picked up on the back of product innovations, growth and expansion of consumer shopping capacity and the growing popularity of e-commerce. The steady growth in demand is an indicator of recognition for platinum\u2019s key quality markers such as rarity, purity and durability, highlighted through various PGI marketing programmes.<\/p>\n
The auspicious festival of Diwali, particularly Dhanteras, which signifies an increase in wealth and prosperity attracted customers to buy precious metal jewellery including platinum. The market reported slower demand and a decline in traffic to the stores post Diwali for the regions of South, North-East and Gujarat. However, demand was back up in December, particularly in the South and in Gujarat due to NRIs and the wedding season. The sector performed well given the economic challenges.<\/p>\n
Vaishali Banerjee, Managing Director, PGI-India said, \u201cToday, platinum jewellery in India occupies a very distinctive space among young, discerning consumers. It enjoys consideration among consumers to mark milestones. The demand is driven by contemporary design language, with many customers opting for platinum’s rarity and purity. Owing to the consistent efforts by PGI and our retail partners, Q4 witnessed growth momentum led by various initiatives that played an important role in building consumer confidence in the metal. In 2023, with PGI\u2019s strategic approach, programs and partners\u2019 continued support, we will strive to further grow and expand the footprint of the platinum jewellery market in the country.\u201d<\/p>\n
Rajesh Kalyanaram, Executive Director, Kalyan Jewellers, stated, \u201cOur Q4 initiatives for Platinum Love Bands and Men of Platinum helped us drive interest and sales among consumers who were seeking differentiated offerings for the festive season. In fact, we introduced new product lines for Men of Platinum including chains and bracelets. It was very popular amongst our male audiences nationally. This also led to us setting a positive start for 2023 and imminent growth for platinum jewellery.\u201d\u200b<\/p>\n
Amarendran Vummidi, Partner, Vummidi Bangaru Jewellers, said, \u201cQ4 saw an increased interest among Men of Platinum owing to the wedding and NRI seasons. Our \u2018Infiniti\u2019 collection which was a design innovation crafted from platinum and ceramic generated interest among our consumers. We believe this demand will stay strong in the coming quarters.\u201d<\/p>\n
Suvankar Sen, CEO & MD, Senco Gold & Diamonds, added, \u201cWe launched the new Evara collection that was instrumental in driving incremental sales for platinum during the high-octane season of Diwali. The activities that we planned to drive visibility and awareness for this collection drove great interest among our consumers and thereby set an upbeat tone for the rest of the quarter.\u201d<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Platinum jewellery continued to enjoy strong demand from Indian consumers in the October-December 2022 quarter, resulting in a 22% rise in retail sales, driven by wedding and festive season demand, according to a statement from Platinum Guild International (PGI) \u2013 India. Customer preference for platinum jewellery has picked up on the back of product innovations,…<\/p>\n","protected":false},"author":1,"featured_media":19977,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-19976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n