India clocked 26 per cent sales growth in platinum in 2018
All that glitters in not gold anymore, its platinum! Sounds quirky, right? Well then fasten your seat belts because it is true that platinum prices are now less than gold, and youngsters, especially men, are now more inclined towards buying platinum jewellery than the traditional yellow metal.
Platinum is a metal, which is 30 times rarer than gold. In a recent report published by Platinum Guild International (PGI)—Platinum Jewellery Business Review (PJBR) 2019 – the aspiration for platinum among today’s consumers was revealed. The report stated that the platinum market in India has witnessed consistent rise and reported a growth of 26 per cent in sales in 2018 alone.
The annual survey was conducted over 1,000 manufacturers and retailers, in addition to over 1,000 consumers to provide comprehensive and in-depth analysis of platinum jewellery’s performance in 2018, together with a forecast for 2019, highlighting the trends that will shape the industry in each of the four key platinum jewellery markets such as Japan, China, the US and India.
Commenting on the substantial increase in sales of the rare metal, Vaishali Banerjee, Managing Director India, PGI said, “The overall PGI programme retail sales growth was at 19 per cent. This year, PGI India will continue to work with strategic partners to expand its presence in Tier II and III cities to leverage the growing affluence and increased preference for platinum jewellery in these markets. The outlook on the category for 2019 is strong and we expect a growth of 15-20 per cent in overall PGI programme retail sales with the strategic retail partners posting a higher growth.”
This story is from the July 2019 edition of Outlook Money.
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This story is from the July 2019 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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