Platinum Exhibits Strong Growth During Diwali, Expects Retail Sales To Increase In 2023: Sujala Martis, PGI

With the increasing grandeur use of platinum jewellery in India, the sales have increased by 35 per cent in the third quarter in comparison to the last year as per the reports by the Platinum Jewellery Review.

Platinum Guild International (PGI) has made a name for itself in the Indian market after observing the dynamic marketplace.

In an established jewellery sector where gold jewellery dominates, PGI made its debut in the Indian market in 2000 with the goal of creating a niche for platinum jewellery.

Staying in the battleground for more than 20 years, platinum has captured 15 per cent of precious metal jewellery acquisitions by the young affluent consumers in the top 20 markets. In the new consumer classification system, young women and men are equally likely to consider platinum at a rate of 89 and 86 percent, respectively. 

Due to PGI's multiple market and consumer priorities, Indian customers have a more positive view of platinum jewellery.

The results for this year are plain to see. The sales in platinum sector has shown a good growth in the first half of 2022, especially during the festive and holiday season in Q4 and the retail sales are forecasted to rise across all segments, stated Sujala Martis, Consumer Marketing Director, Platinum Guild International – India.

An Array Of Collections

PGI launched its first brand in India in 2009, targeting the crucial couple gifting market, which was underserved by the competing brands. Due to hitting at the correct time in India, the market saw rapid expansion, and it has since become the brand's major segment.

As Martis outlined the brand’s marketing strategy and said, "PGI has always focused on developing the market by spotting opportunities in newer segments within the jewellery landscape.“

With Platinum Evara, the brand introduced its bridal gifting line in 2015 and now has self-purchase options. Men of Platinum was developed in response to the brand's identification of a market gap in men's jewellery.

When interrogated about the stumbling blocks Martis said, "The challenges we face would be those that any brand at this stage in its growth phase would face, namely, how can we embed Platinum further within our consumer cohorts."

Before embarking on the expansion, the brand felt the need to educate the audience about the qualities of the metal.

Wedding Season Brings A Wave Of Local Designs With A Modern Spark

The festive season ushers in a slew of celebratory weddings and soirees to attend. While finding the perfect  jewellery for every occasion, everyone will look out for the designs to pair it with the right kind of outfit.  Looking at the extravaganza craze for the weddings, PGI maintains a fine balance between global design trends and Indian sensibilities.

To create jewellery that is modern yet perfectly tailored to the demands of Indian consumers, the team combines local market and retail knowledge with insights from worldwide design briefs. It's also interesting to note that Martis said the company works closely with the manufacturers to give each design a unique touch.

While the wedding season was in full swing, the business also introduced #CommitToLove for Platinum Love Bands. This advertising campaign encapsulated contemporary love while emphasising the ideals and traits of modern couples.

Additionally, when the year came to a close, they worked on a special piece of content with Grazia India that starred three strong women: Yohani, Mrinalini Ravi, and Aisha Ahmed. These three women represented the brand's ideals and revelled in being themselves.

PGI India: On The Ball

A significant part of PGI’s success story can be credited to its marketing tactics. These range from social media trends to offline marketing. Looking at the changing landscape, they focused on the digital native Gen Z and millennial demographic, which is the group that primarily consumes content online.

"Outside the social universe, we also look at video as a key aspect for driving top-of-the-funnel tasks with high-reach platforms like YouTube and adding to it with OTT. Impact properties on key online hubs are also leveraged in the most immersive way possible given our category, to achieve critical reach, WhatsApp marketing forms a critical input to last mile coverage," Martis told BW Businessworld. 

Another strategy the PGI is implementing is capturing a strong presence in the offline markets from advertising on television and print. As a means of generating the right kind of pre-buzz and maintaining the pace after the launch of important campaigns and collections, they also put a priority on the creation of native content through partnerships with publishers.

The business is adamant that its wide-ranging network of retailer partners around the nation plays a critical role in expanding its reach through traditional media like print that attract customers to the store, along with digital outreaches and targeted in-store advertising.

They can develop a cultural connection and regional relevance in these markets with the aid of traditional media, which strengthens the brand's national footprint.

What's There In 2023? 

With an eye towards expanding, the brand will continue to support strategic collaborations, fortify ties with our extensive network of retailers, and roll out initiatives that will influence preference in the upcoming year. 

The brand focuses on generating a strong emotional bond with the customer while also fostering a respect for the metal and its special qualities.

PGI views all of these developments favourably. While attempting to provide high-quality jewellery in the Indian market, the brand is concentrating on creative innovation. They are attempting to differentiate themselves from the competition by giving customers a sense of distinctiveness.