Published
Feb 28, 2023
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Platinum jewellery sales rose by 22% in 2022 Q4: PGI

Published
Feb 28, 2023

Platinum jewellery retail sales increased by 22% in the fourth quarter of the 2022 calendar year driven by wedding and festive demand, according to the Platinum Guild International India.

Platinum jewellery by Indian brand Vummidi Bangaru Jewellers - VBJ


Factors including product innovations by brands and the growing popularity of e-commerce led platinum jewellery sales to grow at the end of 2022, the Gem and Jewellery Export Promotion Council reported on its website. The PGI also stated that this increase in popularity of platinum shows that consumers are recognising the rarity, purity, and durability of platinum, highlighted by the PGI’s marketing campaigns. 
 
“Today, platinum jewellery in India occupies a very distinctive space among young, discerning consumers,” said PGI- India’s managing director Vaishali Banerjee, the GJEPC reported on its website. “It enjoys consideration among consumers to mark milestones. The demand is driven by contemporary design language, with many customers opting for platinum's rarity and purity. Owing to the consistent efforts by PGI and our retail partners, Q4 witnessed growth momentum led by various initiatives that played an important role in building consumer confidence in the metal. In 2023, with PGI’s strategic approach, programs and partners’ continued support, we will strive to further grow and expand the footprint of the platinum jewellery market in the country.” 

Although autumn saw a slight slowdown, the winter wedding season caused platinum jewellery sales to pick up in December, particularly in Gujarat and South India, according to the PGI.  As brands are continuing to launch new platinum jewellery collections, this trend is expected to continue despite current economic challenges. 
 
“Q4 saw an increased interest among Men of Platinum owing to the wedding and NRI seasons,” said Vummidi Bangaru Jewellers partner Amarendran Vummidi. “Our ‘Infiniti’ collection which was a design innovation crafted from platinum and ceramic generated interest among our consumers. We believe this demand will stay strong in the coming quarters.”
 
 

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