The Platinum Guild International has named platinum the metal of choice for young shoppers in India and noted its swift sales growth in the country. The PGI aims to continue to expand into new markets and expects a continuation of double-digit growth.
“Driving sales and value for platinum jewellery for our strategic partners is our imperative in order to create demand in ounces,” said the PGI’s CEO Tim Schlick, the Gem and Jewellery Export Promotion Council reported on its website. “We do by implementing powerful new creative ideas, introducing technology and design as well as triggering consumer behaviour. This year, we are also expanding our reach to new categories and markets.”
Tim Schlick was appointed as the new CEO of the Platinum Guild International last month following Huw Daniel’s retirement, National Jeweller reported. The PGI’s new report titled ‘Platinum Jewellery Business Review’ details retail sales of platinum jewellery, trade performance, and consumer sentiment in its four key international markets: China, India, Japan, and the US. According to the report, platinum jewellery sales have grown in India in double digits for the past eight years.
Although gold jewellery still makes up 80% of the jewellery retail trade, the PGI has named platinum as the fastest-growing niche category. The precious metal has higher profit margins and is popular with young shoppers.
“By identifying and addressing specific opportunities in our key markets, PGI has created demand for platinum jewellery where it never existed before and built a solid foundation for the future,” said Schlick.
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