New Delhi, 14 February 2020 – While traditionally a market for gold jewellery, India has developed a strong appetite for platinum over the past decade. Introduced to this country in the early 21st century by Platinum Guild International (PGI), demand for platinum jewellery experienced a Compound Annual Growth Rate of 8% between 2013 and 2018, making it the fastest growing platinum jewellery market globally.
Jewellery contributes 7% of India’s GDP. Over the past decade, the perception of jewellery in India has evolved alongside massive economic, social, and cultural shifts. The country’s economic landscape continues to improve, as a result of its fast-growing economy, an expanding middle class and rapid urbanisation. “Platinum is now firmly established in India, and the jewellery industry can expect strong growth in coming years, as platinum becomes further embedded into the life of India’s young consumers,” says Huw Daniel, CEO of Platinum Guild International.
Youth currency is a key influence of future demand in the fastest growing market for platinum jewellery. India’s large demographic of younger consumers is a key driver for the rapid growth for platinum jewellery. By 2021, 61% of India’s 1.4 billion population is expected to be below the age of 35, and they are increasingly educated and tech-savvy. Alongside these social-economic changes, new luxury materials like platinum are becoming more prevalent as well as particularly aspirational for modern, young and newly affluent Indians.
Platinum has become the precious metal associated with inclusive love – from spousal love to parental gifting
Due to targeted marketing, research and investment, platinum jewellery is now viewed as an expression of equality in love, intimacy and commitment, making it an ideal marker of special milestones related to contemporary love and bonding. Campaigns touting its rarity and value ensure that it represents status for highly affluent consumers, as well as offering beauty and adornment in the eyes of the young modern Indian woman.
In 2009, PGI tapped into a new opportunity in the bridal segment by creating “Platinum Days of Love” (PDOL), a platinum category brand focused on the couple’s wedding bands, based on the insight that young couples desire for a more equal love, together with intimacy within contractual arranged marriages. PDOL has firmly established platinum as a symbol of love in India. In 2018, 64% of targeted consumers chose platinum as a symbol of love, higher than any other precious metal.
Parental gifting during the wedding is an established and core jewellery gifting occasion. In 2015, PGI launched “Evara”, anchored in bride’s parents’ aspiration for inclusive love and equivalence in relationships. The brand’s positioning is aligned to platinum as a symbol of parental love for the bridal couple. Each piece of Evara jewellery carries the signature platinum bond as a design element, speaking to the bride and reflecting her lifestyle and aspirations and the bond of love between the couple and their families.
Men’s jewellery is a strong new territory for incremental growth
Outside of the all-important bridal category, India’s calendar and culture offer numerous opportunities for the sale of platinum jewellery, ranging from auspicious dates and traditional festivals, all of which represent suitable occasions for Indian men to also adorn fine accessories.
For young men in India, platinum is associated with style and modernity, a more refined and discerning statement of achievement and success, and a way to improve their self-image. When their focus is less about wealth and more about inner strength and social respect, platinum becomes the primary choice of jewellery for the young generation of Indian men.
In September 2019, PGI launched “Men of Platinum”, a new brand aimed at 6 million men in India, who embrace a more contemporary image of success, who share more modern values and seek an alternative, more subtle look that resonates with their personal values and character. With a heavy weight per piece that equates to 5 to 7 rings, men’s jewellery is anticipated to boost the platinum category for retail partners, both in revenue and in profitability.
With continued support from specialist knowledge and resources, as well as collaboration in consumer marketing and value creation, platinum jewellery is presented to Indian consumers as representing modern values and lifestyles within the uniquely Indian cultural context. PGI’s ambition to grow the retail distribution network for platinum jewellery is anticipated to lead to many years of growth ahead.