Platinum jewellery has grown steadily in the Indian market in the first quarter of the 2023 calendar year. The category is yielding high profit margins for Indian brands, according to the latest review by the Platinum Guild International.
The PGI’s Platinum Jewellery Business Review for the first quarter of the year 2023 stated that the positive momentum platinum jewellery started the year with is expected to continue, the Gem and Jewellery Export Promotion Council reported on its website. Gold prices remained high in the first three months of 2023 but the jewellery industry remained positive in sentiment on the whole concerning the remainder of the year.
To maximise each store walk-in and bolster revenue, jewellery retailers in India are focusing on pushing high profit margin categories including platinum jewellery, according to the PGI’s report. Platinum jewellery is proving popular in India as the category witnessed an average year-on-year growth of 20% in the first quarter of 2023. Part of this growth was driven by Valentine’s Day sales in February and numerous jewellery retailers promoted platinum designs for the festival.
The PGI has also promoted digital outreach campaigns for the precious metal. As high gold prices deterred shoppers from purchasing gold jewellery, platinum was marketed as a more economical alternative. The PGI has also heavily marketed platinum to younger shoppers who are more likely to purchase jewellery for themselves as opposed to as a gift and are more likely to go for more modern style, everyday options.
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