Platinum Jewellery in India Witnesses Significant Growth in Q4 2021
PGI’s strategic partners saw a 35-40% growth in platinum jewellery sales in Q4 2021 as compared to Q4 2020
4 March, 2022 (Mumbai, India) - Platinum Guild International (PGI) India witnessed a strong fourth quarter – October – December 2021, for platinum jewellery purchases post the second wave of the pandemic, according to the Platinum Jewellery Business Review Q4 2021. The key strategic retailers saw a robust growth of 35-40% in sales volume as compared to Q4 2020.
The last quarter of the year marked the onset of the festive and wedding seasons and PGI kick-started this season with the launch of the second edition of its signature retail activation programme ‘Platinum Season of Hope’ in October that panned out to 1,350+ retail stores across the country to drive conversions. The activation intended to bolster growth in sales across all stores and deliver remarkable results for the quarter.
PGI strategic retail partners also geared up for Q4 2021 with new collection launches, robust marketing plans, promotions to drive higher sell-through in the last quarter of the year. Additionally, PGI also launched the new product collection for Men of Platinum in partnership with ace cricketer & trendsetter KL Rahul coinciding with the cricket season as a vehicle for the marketing campaign. A new collection was launched for Platinum Days of Love supported by an integrated marketing campaign in November. This was followed by Evara’s new collection under self-purchase supported by an integrated marketing campaign. Amplification of PGI’s marketing initiatives and campaigns by retail partners further aided the increase in consumer walk-ins at stores, building strong consumer demand in Q4 2021.
“2021 was the year of resilience. Despite the severity of the second wave of COVID, the platinum business resurged in the second half of the year. The positive market sentiments together with the strong marketing programmes by both PGI and our strategic partners led to this significant surge in demand for platinum jewellery in Q4 2021.” stated Vaishali Banerjee, Managing Director, Platinum Guild International India.
Positive consumer sentiment and resilient demand signal a promising year for the platinum jewellery industry. The overall outlook and forward-looking indicators all point towards the demand being sustained and expanding through this year. PGI research data suggests that young consumers’ appetite to spend on precious jewellery continues to remain strong with their renewed enthusiasm and preference for lightweight jewellery.