Platinum Guild of India reports growth in sector
Industry body Platinum Guild of India has reported 21 percent growth in the platinum section of the Indian fine jewellery market during the previous financial year.
The Platinum Guild of India attributed the rise in sales in part to the rise of occasion-driven purchases, the metal’s scope for personalisation, and the rise of personal purchases.
Vijay Jain, the CEO of Orra, told TNN: “Earlier purchase was confined to rings – which contributed to 85% of the sale. Now, rings account for 50% of purchases with bands, heavier jewellery coming into the fore. Individual occasion-driven purchase has helped the sale grow 25% each year despite the country’s dependence on gold.”
Jain stated that the sales volume has increased by 25 percent and the Platinum Guild of India stated that income has risen by 21 percent. This is a large increase from the ten percent growth reported by the guild in 2016. However, the guild has not given any exact figures to fully explain its calculation as yet.
Another factor that is helping the platinum market to grow is the increase in sales of men’s jewellery. Not only does this create a new customer base but it also means that volume greatly increases. This is because, generally, men’s jewellery tends to be heavier and so cost more.
The guild’s first quarter report also stated that, following the introduction of the Goods and Services Tax (GST) in July 2017, the industry is now returning to strong growth. The GST mostly benefits the organised section of the Indian jewellery market which is where platinum jewellery is usually sold, according to the guild. This suggests that positive growth may well continue in the platinum jewellery sector.
Copyright © 2023 FashionNetwork.com All rights reserved.