PGI India's Marketing Programmes to Boost Platinum Purchases
PGI India's strategic partners saw a 55-60% year-on-year growth in platinum jewellery sales in Q3 2021
December, 2021 (Mumbai, India) – Platinum Guild International (PGI) India reported a strong quarter for platinum jewellery purchases after the pandemic’s second wave, with key strategic retailers seeing a growth of 55-60% in sales volume as compared to Q3 2020. Positive market sentiments signal substantial rebuilding and growth in 2021 as compared to 2020.
The onslaught of the second wave across the country in April – May 2021 led to the closure of the markets during Q2 2021. The markets started reopening through June and demand started coming back from July. In order to maximize this opportunity, PGI initiated its consumer and trade marketing for Platinum Days 0f Love and Platinum Evara from August 2021. This helped to capitalize on the demand and the opportunity of the festivals such as Rakshabandhan, Onam and more. Historically, Q3 is a quarter where the jewellery industry remains subdued due to “Shradh”, a 15-day period considered inauspicious for purchase of jewellery and due to the monsoon season, but this year the entire industry was proactive in reaching out to consumers, building demand and getting store traffic to kick start the recovery for Q4.
The improved consumer sentiment, with the upcoming festive and wedding seasons and an active marketing programme by the industry, led to a V-shaped recovery and made Q3 2021 a very strong comeback quarter. PGI’s strategy energized the market with marketing programmes that helped build momentum by driving consumers to the stores. As per PGI’s consumer research, appetite to spend on precious jewellery has seen a rise, as 70% of the target consumers expect to spend the same or more than before on precious jewellery in Q3 2021 as against 66% in Q2 2021.
Furthermore, this year the India International Jewellery Show (IIJS) was also held in the physical form for the first time in September 2021 since the onset of the COVID-19 pandemic. The success of the show further bolstered a positive sentiment in the industry. PGI saw 14 leading platinum manufacturers showcase 1,800-2,000 designs and participate in the show with their new season's collection under Platinum Days of Love, Evara and Men of Platinum.
Q4 2021 marks the onset of the festive and wedding season. PGI launched the second edition of the signature retail activation programme Season of Hope in October. Commencing the festive season and intended to boost platinum jewellery sales growth in the last quarter of the year, Platinum Season of Hope panned out to 1,370+ retail stores across the expanse of the country. PGI strategic retail partners also geared up for Q4 2021 with new collection launches, robust marketing plans, promotions and offers, as they are looking to drive higher margins in the last quarter of the year. Additionally, PGI also launched the new product collection for Men of Platinum in partnership with ace cricketer and trendsetter KL Rahul coinciding with the Cricket season as a vehicle for the marketing campaign. In November, a new collection for Platinum Days of Love supported by an integrated marketing campaign has been launched. This will be followed by Evara’s new collection under self-purchase supported by an integrated marketing campaign.
With improved consumer sentiments, favourable pricing, and effective marketing strategies PGI is looking to proactively chart a course towards a positive and sustained growth trajectory in 2022.