Not only gold, Indians love their platinum too

It’s no secret that Indians love their gold. However, more than just the gold Indians love precious jewellery. It is that exact opportunity in India’s precious jewellery market that attracted Platinum Guild International (PGI) to enter the country almost two decades ago. Since then with their concerted effort, they have managed to create a niche for platinum in India.

Till 2019, the platinum jewellery market was growing by 20-25 per cent year-on-year. “Last year despite the pandemic taking on several businesses, we managed to do tremendously well in Q4 (Oct-Dec 2020) with 21 per cent growth. Q3 2021 has shown remarkable growth with retailers reporting sales in July-August to be even higher than October 2020,” says Vaishali Banerjee, Managing Director, Platinum Guild International.

Globally, platinum targets a younger consumer and that is the same case in India. Consumer awareness about platinum is very high and it is not restricted to just metros. “We now have a consumer cohort which is way beyond just the metros. It has gone into Tier-2 and Tier-3 cities,” says Banerjee. While 60 per cent of all platinum jewellery sales come from Tier-1 cities, another 35 per cent comes from Tier-2 cities while the balance from Tier-3 cities. “Geographical boundaries are less relevant in the age of digitisation,” says Banerjee.

Keeping India’s young demographic in mind, PGI introduced the first branded segment in 2009 – Platinum Days of Love, which is a collection of wedding bands. In 2015, it introduced its second branded segment - Platinum Evara, for women bridal/trousseau sub-category and in 2019, it launched its collection, Men of Platinum, aimed at men.

Between 33 per cent and 35 per cent of all platinum jewellery sales in India come from the Men of Platinum collection. “Platinum targets the young man and offers everyday jewellery. The heft of the metal and the styling speaks to the younger man,” says Banerjee. Men in both metros as well as Tier-1 and Tier-2 cities have an affinity to platinum jewellery. A recent survey conducted in association with NielsenIQ India showed that 62 per cent men feel platinum is rare, 66 per cent perceive it to be an extraordinary/unique metal, 64 per cent believe it’s the choice of today’s young generation. 56 per cent believe that platinum is a marker of significant moments, milestones and success.

The collection includes rings, wrist wear, chains, single ear studs and dog tags. The collections are inspired by global trends but are designed specifically for India.

At the close of 2019 there was around 7-7.5 tonnes of platinum in jewellery fabrication at an all India level.

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