PGI's Platinum Jewellery Business Review predicts platinum jewellery will see continued growth in India in 2022

By

Isabelle Crossley

Published
May 31, 2022

The Platinum Guild International has seen its brand strengthening activities drive platinum jewellery sales and the Indian market is on track to reach pre-Covid levels thanks to popularity with young consumers. 

“India’s overall jewellery business bounced back in Q3 after the second wave of Covid-19 wiped out a key wedding season in Q2, with momentum continuing into the last quarter,” the PGI announced in a press release. “The fourth quarter witnessed significant growth with a strong wedding season and a series of festivals that traditionally encourage jewellery buying, making platinum the fastest-growing category for PGI’s strategic partners in 2021, up by 30% year-on-year.”

Platinum jewellery is an aspirational product for young shoppers in India, according to the PGI. The category is enjoying high margins and sales volumes thanks to its, “strong emotional and image-driven equity,” the PGI wrote.  

The PGI is confident that India’s platinum market will return to pre-pandemic levels in the 2022 calendar year. Along with India, the PGI’s report also covers Japan, China, and the US which all showed signs signs of recovery and appear on track for positive growth in 2022. 

“PGI is devoted to ensuring that platinum plays a distinctive role within the jewellery industry,” said the PGI’s CEO Huw Daniel in a press release. “To achieve this goal, PGI has been working with partners in integrating platinum into branding strategies to win customers’ hearts. Increasingly, building brands and stories around branded collections are instrumental to increasing consumers’ willingness to make a purchase. Increasingly retailers, manufacturers, and designers, are leveraging the unique qualities of platinum to drive their business.”