Retail sales of platinum jewellery up 22% in Q4 2022

HIGHLIGHTS

• Platinum saw a rise of 22 per cent in retail sales in Q4 2022 
• Customer preference for platinum jewellery and subsequent sales has picked up
• Platinum seems to be popular among men with many jewellers

Not all that glitters is gold – some of it is also platinum. Platinum continued to enjoy strong demand from Indian consumers in the October-December quarter, resulting in a rise of 22 per cent in retail sales in Q4 2022.  Thanks to the festive season, as well as a growing demand in the wedding market, platinum, a precious metal much harder than gold and therefore more difficult to work with, has seen a significant increase in sales.  

Customer preference for platinum jewellery and subsequent sales has picked up on the back of product innovations, growth and expansion of consumer shopping capacity and the growing popularity of e-commerce, according to the Platinum Guild International (PGI). Platinum is particularly popular in the South, North-East and Gujarat. While demand dropped post-Diwali, it again picked up in December when the NRI wedding season started, particularly in Gujarat and the South.  

Commenting on the demand for platinum jewellery among Indian customers, Vaishali Banerjee, Managing Director, Platinum Guild International-India said, “Today, 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.”  

Platinum seems to be popular among men with many jewellers reporting that the Men of Platinum collection is doing well.  

“Q4 saw an increased interest among Men of Platinum owing to the wedding and NRI seasons. Our ‘Infiniti’ 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,” said Amarendran Vummidi, Partner, Vummidi Bangaru Jewellers. 

Added Rajesh Kalyanaram, Executive Director, Kalyan Jewellers: “Our 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.”

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