‘Platinum jewelry sales to bounce back to pre-pandemic levels’ by admin- Friday, September 9th, 2022 07:14:11 AM
Convergence of the festive and wedding ceremony seasons possibly to in addition pressure purchaser sentiment, says Vaishali Banerjee, Managing Director, PGI-India
Kolkata, September 8 Sale of platinum jewelry, which turned into developing at a median fee of round 20-25 in step with cent until 2019 at round 7 tonnes in jewellery fabrication phrases, dipped to a low of round 5.25 tonnes in 2021 because of the Covid-brought on lockdown and slowdown in economic system. However, call for has been picking up steadily because of the inherent cost of platinum as a class and its growing reputation within the Tier-II and Tier-III markets.
When the markets opened in September 2020, the October-December become a strong quarter from an enterprise attitude for all categories together with platinum. It helped the enterprise attain a V-formed recuperation which then endured in Q1 of 2021. The platinum commercial enterprise bounced lower back in Q3 2021 because of the festive and wedding ceremony season and the increase momentum picked up within the closing sector of the yr.
The fourth quarter of 2021 witnessed good sized increase with a robust wedding ceremony season and a chain of gala’s that historically endorsed jewellery buying. PGI and its strategic companions got here collectively to construct call for through numerous patron and change advertising and marketing programmes. This added to the growth impetus, making platinum the quickest-growing class for PGI’s strategic companions in 2021, up by means of 30 in step with cent y-o-y, she said.
PGI launched the second version of the signature retail activation programme Platinum Season of Hope in October 2021, it panned out to more than 1,370 retail stores across the expanse of the us of a and the taking part stores witnessed a 29 according to cent increase over final yr.
“Our retail companions have witnessed triple-digit boom in Q2 2022 and are waiting for the same to retain in Q3 & Q4 of this 12 months. The convergence of the festive and wedding ceremony seasons is anticipated to further force purchaser sentiment and positivity within the marketplace,” she said.
Demand from smaller cities
While demand from Tier-II cities for platinum jewelry become already there, the boom story from Tier III cities is likewise playing out in a massive way, she said.
PGI has partnered with 658 main stores with 1,seven hundred doors across 330 towns to make sure that customers have get admission to to platinum jewelry and to fulfil the call for capability.
“We have a robust presence in markets past metros like Kochi, Nashik, Bhubaneshwar, Surat, Indore, which can be developing in each distribution and retail sales. Our largest outlets who’re powerful players have a robust distribution network in Tier II and Tier III markets and that they have taken platinum proper across,” she stated.
In phrases of distribution percent from retail partners, Tier I debts for round 60 in step with cent, Tier II for 35 according to cent and Tier III currently account for round 5 according to cent.