Minimal Platinum demand in India Q2
Platinum Jewellery to benefit from rest of 2020 Recently Platinum Guild International (PGI) reported Platinum Jewellery Business Review (PJBR) for the 2Q 2020. Focussing on India centric key highlights are two, 1: Jewellers encountered greater cashflow pressure in Q2 and focused on making incremental sales to existing customers and moving inventory via e-commerce platforms. 2: Platinum jewellery saw business lost for most of Q2, but is likely to benefit from retailers’ focus on high margin categories and conversion from gold customers to optimise return once business resumes. PJBR said for Platinum Jewellery in India that, Unit sales of all precious jewellery fell sharply, but platinum was the best performer (-46.4%) helped by competitive platinum prices and bridal demand. Platinum jewellery sold through mail order (including e-commerce and TV shopping) also jumped 46% YoY. “New Me, Platinum” TV shopping was successfully aired in April for 10 hours....