Platinum jewellery market on the rise

Consumers are willing to spend more than usual on jewellery after the Covid-19 crisis is over, says a recent global study by Platinum Guild International (PGI), India.

"Consumers will lean towards meaningful brands for positive reinforcement as they step out to reclaim their life," it adds.

Vaishali Banerjee, Managing Director of PGI India shares about the changing dynamics of the Indian jewellery market and millennial's growing interest in Platinum.

She says, "This pandemic has given us the opportunity for self-introspection, and many are grateful for what they have, cherishing their relationships even more. When it comes to spending, we believe that it will be more deliberate but not necessarily curtailed.According to PGI's recent Global Study, consumers are willing to spend more than usual on jewellery after the crisis is over. Consumers will lean towards meaningful brands for positive reinforcement as they step out to reclaim their life. They will seek to celebrate meaningful relationships and milestones achieved. Also, India is one of the most promising markets for jewellery sales as the festive season sets in. While consumers have been increasingly shopping online during these times, most of them prefer visiting a physical store to finalize the buying process."

In the present times, as COVID-19 continues to impact lives around the world, it has also influenced consumer buying behavior. The Global Survey shows that consumers will lean towards what delivers value and has meaning. Jewellery will be a means of positive reinforcement as they seek to mark meaningful relationships and milestones.

"At PGI, the customer is our priority. Our focus is the younger segment and given that platinum is truly rare it feeds into a very different set of needs. It is a mark of discerning taste and has connotations of modernity, status, class and sophistication. Platinum is bought for moments of emotional significance and hence our designs are embedded with meaning. We design it as a marker of important milestones in relationships and life.We study trends in design and innovate accordingly by following what are compelling motivators for our audience and our culture. It is critical for designs to imbibe a mix of Indian and international trends – with a minimalism that sits at the core of it, it is what differentiates our design language and lets it sit apart," she adds.