Platinum Guild International (PGI) has released findings from its 2024 Platinum Jewellery Business Review, which examines retail sales of platinum jewellery, trade performance, and consumer mood in PGI‘s four important international markets: China, India, Japan, and the United States.
Tim Schlick, CEO of PGI, stated, “Driving sales and value for platinum jewelry for our strategic partners is our objective in order to build demand in ounces. We do this by applying powerful new creative ideas, introducing technology and design, and influencing customer behavior. This year, we’re also growing into new categories and markets.
According to PGI, platinum is the metal of choice for younger jewellery purchasers in India, with double-digit growth over the last eight years. While platinum is the fastest-growing sector in the jewelry market, gold continues to account for 80% of the retail trade.
In India, PGI‘s objective was to transform the normal retail store layout into an opportunity, allowing retailers to voluntarily enhance customers’ exposure to platinum while focusing on its benefits, such as its popularity among young trendsetters and higher profit margins. For example, PGI increased the visibility of platinum in the gold sector by developing platinum jewellery designs with rose gold accents.
The gold section program accounts for 30% of all platinum jewellery ounces in India by finding conversion and upsell opportunities, as well as enhancing the final mile of the customer purchasing cycle. The reach of platinum-in-gold sector products now extends to about 1,200 points of sale, aided by a rigorous training program that has reached nearly 80,000 sales associates, including over 20,000 in the previous year alone. PGI‘s enhanced replenishment strategy also guarantees that products in the program are refilled within 72 hours.
Since 1975, PGI has guided the production of nearly 90 million more ounces of platinum jewellery. “By identifying and addressing specific opportunities in our key markets, PGI has created demand for platinum jewellery where it never existed before and built a solid foundation for the future,” Schlick stated.