According to the Platinum Jewellery Business Review (PJBR) update for Q1 2023 provided by the Platinum Guild International (PGI), platinum once more demonstrated consistent growth in the first quarter. Retailers anticipate this positive momentum to continue. However, the jewellery industry in India is still cautiously hopeful about the coming year, despite the impact of high gold prices in the first quarter of 2023. The report indicated that retailers are emphasising high-margin categories like platinum in order to maximise every store visit.
In Q1 2023, sales of platinum jewellery increased 20% on average year over year thanks to PGI training programmes, in-store promotions, digital outreach efforts, and Valentine’s Day-themed retail activations. According to the report, platinum has a chance to draw customers looking for alternatives because of the high price of gold.
The Union Budget 2023 received mixed reviews from the jewellery industry since incentives including a decrease in the import tax on gold were not as anticipated. Sales grew moderately in Q1, but slowed down in March as a result of fluctuating gold prices. To increase sales during this time, retailers extensively pushed bridal jewellery and delicate studded jewellery, according to PGI.