India is the fourth largest consumer of platinum jewellery after China, Japan and the U.S., said Nicholas Graham Smith of trade body Platinum Guild International (PGI). He believes the market is on a growth trajectory in the country.
“Historically, India is a jewellery-loving country, and even though today’s generation has a modern outlook, when it comes to jewellery, they like to look at balancing two worlds, navigating modernity with values of tradition,” says Smith, the COO of Platinum Guild International (PGI), an organisation dedicated to promoting platinum jewellery to consumers and jewellery trade worldwide.
About the domestic market of platinum, he says that even though India is a gold-dominated market, platinum is getting prominence because of the young crowd. “Platinum is not here to displace gold or other metals in the market since platinum jewellery and other precious jewellery co-exist in the world. We identified India as a new market and explored the scope of demand in the market,” says Smith.
Headquartered in London, PGI has offices in the world’s major jewellery markets. It offers platinum jewellery designs in various segments such as love bands, chain and pendants, earrings, necklaces, bangles and bracelets. “Since 2009, PGI has witnessed a substantial demand for platinum jewellery, which is accelerating at a fast pace in India. Platinum has been established as a symbol of everlasting love and forms a significant part of the gift between couples, parent-child, siblings and for important occasions.” “The younger buyers are more educated and aware of international trends and willing to try out newer options. Also, today’s urban women and men are looking at jewellery for adornment besides the investment aspect. Platinum appeals to the younger buyers — aged between 18 and 35, both women and men, and upper / middle class in metros / mini-metros, where it is seen as a premium jewellery offering,” Smith explains. Market reports indicate that platinum jewellery’s retail presence has grown significantly across 800-plus stores. In addition to metro markets, Tier-I and Tier-II cities also see potential in platinum jewellery.
“The last three to four years have witnessed a strong growth of over 30 to 50 percent per annum in consumer sales. About four tonnes was the offtake of India for last year as per government-approved import figures,,” said Smith.
The younger buyer is more educated and aware of international trends and willing to try out newer options. Also, today’s urban women and men are looking at jewellery for adornment besides the investment aspect
Nicholas Graham Smith
COO of PGI