Platinum Jewellery Business Review by PGI
India platinum market
size is of 228koz in 2019
Platinum
Guild International (PGI) recently published its Platinum Jewellery Business
Review, 2020-Web presentation under the heading of: Tectonic shifts: How the
world is moving and jewellery demand is responding! The report presented by Huw
Daniel, Chief Executive Officer- Platinum Guild International-PGI.
The
presentation says about shifts accelerated by Covid-19, making programmes built
around them key to recovery. As a key insight, under the Digital consolidation
it said, the
consumer journey is no longer a straight line!
Digital is not a channel; it is
a key ingredient to the consumer experience, linking engagement to purchase –
wherever both occur. Social distancing and lock-downs have made this even more
of a priority.
Another
insight, focussed is Branding & Storytelling and said, marketing cannot
improve generic products. Collections that have been developed with the consumer
in mind and tell a compelling story will lead recovery, the stronger the brand,
the stronger the recovery.
Another
insight point is Mid-market extinction! At this point presentation says, retailers
need to get off the fence! And said, offering everything to all people has
become a dangerous business model. Finding and owning the right space with the
right business model is becoming a survival strategy, especially in a world that
has become more competitive overnight.
This
presentation is also focusing various nationwide impacts including India.
Presentation is inking that, Platinum motivates the jewellery trade with growth
opportunities for India. By focusing the performance India during the 2019,
the presentation says, Platinum jewellery India Annual Retail Performance is up
by +14% in sales term YoY.
India
platinum market size is of 228koz as a manufacturing demand that shoot up +11%
in 2019 YoY. The presentation learnt that the Product Category Sentiment for
both, 1: Bridal & 2: Non-bridal jewellery is showing a Strong growth in
India. Platinum delivered high growth and profitability for a trade suffering
constant disruptions during the 2019.
The
shift is being arisen because, 1: Retailers re-focused on higher margin categories,
in light of tightening financing and increasing gold prices. 2: Platinum
jewellery sales were boosted through PGI’s conversion programmes! & 3: A
new brand was launched to create additional demand in men’s jewellery.
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