PGI: Festive season spurs retail sales of platinum to 22% in last quarter

CHENNAI: Platinum continued to enjoy strong demand from Indian consumers in the October – December quarter, resulting in a rise of 22% in retail sales in Q4 2022.

Powered by the wedding season and festive season sales, Platinum Guild International’s (PGI) strategic partners sustained strong growth momentum in sales for platinum jewellery demand.

Customer preference for platinum jewellery and subsequent sales has picked on the back of product innovations, growth and expansion of consumer shopping capacity and the growing popularity of e-commerce. The steady growth in demand is an indicator of recognition for platinum’s key quality markers such as rarity, purity and durability, highlighted through various PGI marketing programmes.

The auspicious festival of Deepavali, particularly Dhanteras, which signifies an increase in wealth and prosperity attracted customers to buy precious metal Jewellery including platinum. The market reported slower demand and a decline in traffic to the stores post Diwali for the regions of south, north-east and Gujarat. However, demand was back up in December, particularly in the south and in Gujarat due to NRIs and the wedding season. The sector performed well given the economic challenges.

Vaishali Banerjee, MD, PGI-India said, “Today, platinum jewellery in India occupies a very distinctive space among young, discerning consumers. It enjoys consideration among consumers to mark milestones. Owing to the consistent efforts by PGI and our retail partners, Q4 witnessed growth momentum led by various initiatives that played an important role in building consumer confidence in the metal. In 2023, with PGI’s strategic approach, programs and partners; continued support, we will strive to further grow and expand the footprint of the platinum jewellery market in the country.”