India's platinum jewellery volume sales grew 35% in 2022 Q3: PGI
Platinum jewellery sales in India increased by 35% in the third quarter of 2022 compared to the third quarter of 2021, the Platinum Guild International announced in its new report ‘Platinum Jewellery Business Review’.
High levels of growth in sales of platinum in the Indian market were fuelled by high levels of consumer walk-ins to stores in the months of July and August this year, the PGI announced in its new report, the Gem and Jewellery Export Promotion Council announced on its website. Steady gold prices, festivals, and trade shows including the 38th edition of India International Jewellery Show Premiere all helped to boost sales despite economic and supply chain challenges.
“PGI’s mission to boost the desirability of platinum and drive sales for our partners is succeeding, despite the economic challenges of 2022, and the two pandemic-affected years preceding it,” said the PGI’s CEO Huw Daniel, the GJEPC reported. “We are delighted to see the strategic programmes leveraging platinum’s unique qualities have delivered strong results, presenting platinum as a key value generator for our partners during the post-pandemic recovery and the key festive and shopping season.”
The PGI released its Platinum Jewellery Business Review to track trends in the platinum jewellery market and asses the effects of its campaigns to promote the precious metal. Campaigns including ‘Men for Platinum’ starring Indian cricketer K.L. Rahul have continued to boost sales along with a focus on the durability of platinum during uncertain times.
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