Young consumers and bridal are emerging to contribute to platinum demand growth in 2018, according to a survey. The two key trends were revealed in the Platinum Guild International’s (PGI) findings of its 2017 Platinum Jewellery Business Review published on Monday.
“We saw an above-market growth for platinum jewellery in three out of four key markets in 2017,” says PGI chief executive Huw Daniel.
“This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewellery sector in 2018,” he adds.
“Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India,” PGI Managing Director India Vaishali Banerjee.
“The rarity of the metal, the designs inspired by global trends and the distinct emotional positioning of platinum makes it the preferred choice of millennials. The outlook for 2018, is strong given that both Platinum Love Bands and Platinum Evara are getting embedded in our culture and the business opportunity that platinum offers to retailers is incremental and sustainable.”
Commenting on the millennial trend, Senco Gold & Diamonds, Director, Suvankar Sen said, “Today a jeweller who retails platinum has a clear edge because of the millennial crowd it pulls in. Platinum holds a deeper meaning in their lives and they are very well aware about the metal.
“This generation wants novelty and versatility in jewellery which platinum has in abundance to offer. We are extremely bullish on platinum jewellery growth in our country, on the back of young India.”
Commenting on the bridal trend, Abaran Managing Director Pratap Kamath said, “Jewellery is an integral and inevitable part of Indian weddings. So far it was only gold that dominated this scenario.
“However, PGI’s new branded programme is creating a new tradition with platinum. Consumers at our store are genuinely purchasing platinum to gift or welcome their new members into their family. This has resulted in higher volumes and given us a real competitive edge.
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