PGI Hosts 2019 Platinum Jewellery Business Forum in Shenzhen to Create a "Second Wave" for the Platinum Jewellery Market
(18 October, 2019) Shenzhen - Platinum Guild International (PGI) recently hosted the two-day 2019 Platinum Jewellery Business Forum in China's jewellery manufacturing hub - Shenzhen, which received widespread attention within the platinum and jewellery industry. Attended by domestic and overseas industry leaders and experts, the forum discussed future trends for China’s platinum jewellery market and PGI China’s new strategy, branding, marketing, and industry collaboration, all aimed at bringing more growth opportunities for the country's platinum jewellery industry and creating a “second wave” for the platinum consumer market.
“Business today cannot advance by standing still, and we designed this forum to inform and inspire you to continue on this journey, and to do it in a spirit of partnership with each other,” says Huw Daniel, CEO of PGI in his opening speech. “PGI believes that sharing insights and collaboration are the best ways to lead the platinum jewellery industry, to deal with new challenges, to understand industry trends, and to seize opportunities that increase sales in China’s consumer market.”
Huw Daniel, CEO of PGI and Pui Poon, Managing Director of PGI China
Leading Chinese jewellery retailers including Chow Tai Fook, Lukfook, Chow Sang Sang, Zhejiang Mingr, Shanghai Laofengxiang, Beijing Caishikou Department Store, and Shenyang Cuihua Jewellery attended the event, alongside representatives from major platinum jewellery manufacturers. In addition, the forum attracted leaders of retail shopping mall partners such as Nanjing Central Emporium Mall, Wuhan World Trade Shopping Center, Wanda Shopping Mall, New-Mart Department Store, and Liqun Department Store.
Professional views on the future of platinum and jewellery consumers
In a speech about market fundamentals on platinum-group metals, Stephen Forrest, Executive Chairman of SFA (Oxford), pointed out the future opportunities for the platinum market. Frank Ni, Vice President of Precious Metals, China of Anglo American identified proactive approaches that can be taken to boost demand for the platinum group of metals. Ye Han from Kantar Group China shared insights on current consumer trends in the jewellery market, such as how Chinese consumers have become the main force of global luxury consumption. This new generation attach great importance to pursuing individuality, thus they are willing to choose and pay more for unique products, services and brands. On the other hand, they have a new interpretation of “love” and “commitment”, which is to experience the world and achieve growth alongside their friends and partners. Thus, the precious metal jewellery offered to them should create emotional connection that attracts this younger generation. Apart from the traditional bridal market, the industry needs address the demand in self-purchase and the gifting segments.
Guest speakers from China and abroad discuss the platinum market and consumer trends
(From left to right: Stephen Forrest, SFA (Oxford); Frank Ni, Anglo American; Han Ye, Kanta Group)
In response to the future development of China's platinum jewellery market, Pui Poon, Managing Director of PGI China put forward the 2019-2020 strategic growth plan, “In the future, we will focus on the five “P”s of marketing, that is, product, price, promotion, place and people. We hope that through our repeated practices, we will form a mature and viable success model and create a ripple effect in the industry to inspire greater innovation in all aspects of the platinum jewellery market."
Pui Poon, Managing Director of PGI China, shares the new China strategy
Grace He, Strategic Planning Director of PGI China, also elaborated on PGI China’s new brand architecture and the new “Platinum Reboot” programme for 2019/2020. PGI will segment and redefine purchasing occasions, using detailed consumer profiling. PGI will focus on the function, value, and meaning of platinum jewellery, and endow the platinum brand with new positioning and strategies for multiple segmented markets, all aimed at enhancing the metal’s extraordinary brand connotation and connection with young consumers. The “Platinum Reboot” programme and campaign will help strategic partners advance business transformation and gain segmented market share through multi-dimension innovations in brand positioning, design, technology and marketing.
Rajesh Rajendran, Trade Marketing & Development Director of PGI India, shared results alongside the latest marketing plans in India. Platinum has been the best performing jewellery category in the last four years in the Indian jewellery market, thanks to the growing significance of millennial consumers and higher margins for platinum. These findings lead PGI to forecast that platinum jewellery will continue to grow in the region.
Nancy Wong, Executive Director and Deputy Chief Executive Officer of Lukfook, Zihan Wang, Deputy General Manager of Wuhan Xinjin Jewellery and Yang Yang, Executive Deputy General Manager of Shenyang Cuihua Jewellery, analysed their own brands’ innovative journey in platinum jewellery and shared their thoughts on the future direction and development of their platinum jewellery business.
(From left to right: Nancy Wong, Lukfook; Zihan Wang, Wuhan Xinjin Jewellery; Yang Yang, Shenyang Cuihua Jewellery)
Multi-dimensional innovation and collaboration are needed to achieve optimal value
On the second day of the 2019 Platinum Jewellery Business Forum, exhibitors of various leading jewellery brands showcased new and distinctive pieces in the Platinum Jewellery Industry Exhibition, both fashionable design and advanced craftsmanship to expand the market potential of platinum jewellery in China today.
Platinum Jewellery Industry Exhibition
The off-site platinum booths displayed the newest platinum jewellery brought by various exhibitors. With intelligent holographic imaging touching upon the traditional and modern versatility of platinum culture, a 3D visual feast was created to display new platinum jewellery products with integrated multi-dimensional means alongside the latest platinum campaigns, fashion trends, and innovative craftsmanship. PGI has worked together with shopping malls in various regions as well as multiple well-known jewellery brands to jointly organise the “Eternal Platinum Love” campaign with 300,000 consumer participants. The campaign successfully promoted platinum jewellery’s market development and established closer collaboration with the jewellery industry.
Off-site platinum booths of 2019 Platinum Jewellery Business Forum
In the Platinum Jewellery Design and Technical Forum, industry professionals from China and overseas shared insights on platinum design and casting production. Ruth Marshall-Johnson, Founder of Do Your Research, shared the latest design trends of platinum jewellery, particularly regarding the Chinese market. Tai Wong, Business Development Director of PGI China, sketched platinum designs for the segmented self-purchase market. PGI enables its trade partners to fully capitalise on the power of innovative design and leverage potential through research and trend forecasting.
Ning Xian, Founder of Dimai Company, shared platinum design 3D printing technology. Experts from KNS Platinum Solutions, Heraeus Hong Kong and Germany delivered presentations on manufacturing quality and experience working with precious metals.
Tai Wong, Business Development Director, PGI China, hosts Platinum Jewellery Design and Technical Forum
Acceleration and transformation drive the future of platinum jewellery industry in China
The Chinese market is experiencing a fundamental transformation. The younger generation is gradually becoming the most important jewellery consumer group. At the same time, the business model of platinum jewellery is also changing, due to the influence of new media and omni-channel marketing. Transitioning from a production-centric business model to consumer-centric business model is critical to achieve success in the platinum jewellery market.
PGI aims to provide a strong platform to support new products, facilitate technology innovation through the forum, and help partners achieve business transformation through brand repositioning, marketing, and design technology upgrading.
2019 China Platinum Jewellery Business Forum jewellery display