‘Platinum jewellery product sales to bounce again to pre-pandemic levels’

Kolkata, September 8 Sale of platinum jewelry, which was developing at an normal price of around 20-25 per cent until 2019 at all over 7 tonnes in jewelry fabrication terms, dipped to a lower of all-around 5.25 tonnes in 2021 thanks to the Covid-induced lockdown and slowdown in economic climate. On the other hand, demand from customers has been selecting up steadily thanks to the inherent worth of platinum as a group and its rising acceptance in the Tier-II and Tier-III markets.

In accordance to Vaishali Banerjee, Controlling Director, PGI-India, platinum jewellery fabrication is anticipated to bounce back to the pre-Covid levels that was witnessed in 2019.

“Till 2019, we were being wanting at an ordinary of all over 20-25 for each cent calendar year-on-year growth of platinum jewelry for our strategic associates and hope to clock the same growth in 2022. The April-June interval has been very good this year and we have surpassed the 2019 stages for the exact same interval and the total sentiment seems to be buoyant,” Banerjee instructed BusinessLine.  

V-shaped recovery

When the marketplaces opened in September 2020, the Oct-December was a sturdy quarter from an market perspective for all categories together with platinum. It helped the industry realize a V-shaped restoration which then ongoing in Q1 of 2021. The platinum organization bounced back again in Q3 2021 thanks to the festive and marriage time and the advancement momentum picked up in the last quarter of the calendar year.

The fourth quarter of 2021 witnessed major advancement with a powerful marriage time and a series of festivals that historically inspired jewellery buying. PGI and its strategic associates came alongside one another to create need through many shopper and trade marketing programmes. This extra to the growth impetus, making platinum the swiftest-expanding classification for PGI’s strategic partners in 2021, up by 30 per cent y-o-y, she claimed.

Shops growth

PGI introduced the second version of the signature retail activation programme Platinum Year of Hope in Oct 2021, it panned out to additional than 1,370 retail shops throughout the expanse of the place and the taking part stores witnessed a 29 for each cent growth in excess of final calendar year.

“Our retail associates have witnessed triple-digit development in Q2 2022 and are anticipating the similar to continue in Q3 & Q4 of this 12 months. The convergence of the festive and marriage seasons is anticipated to even more generate shopper sentiment and positivity in the market place,” she reported.

Demand from smaller sized towns

Even though desire from Tier-II cities for platinum jewellery was already there, the development tale from Tier III cities is also actively playing out in a major way, she stated.

PGI has partnered with 658 top suppliers with 1,700 doorways across 330 towns to ensure that shoppers have access to platinum jewelry and to fulfil the desire opportunity.

“We have a powerful presence in marketplaces further than metros like Kochi, Nashik, Bhubaneshwar, Surat, Indore, which are rising in each distribution and retail product sales. Our greatest shops who are effective gamers have a robust distribution network in Tier II and Tier III markets and they have taken platinum ideal throughout,” she stated.

In terms of distribution percentage from retail associates, Tier I accounts for around 60 for every cent, Tier II for 35 for each cent and Tier III at this time account for all around five for each cent.

Published on

September 08, 2022