Infographic: the importance of platinum jewellery

It's no secret that Indians love their gold. We love precious jewellery more than just the gold. India provided as a precious jewellery market that attracted Platinum Guild International PGI to enter the country almost two decades ago.

PGI has managed to create a niche for platinum in India with its concerted effort. The platinum jewellery market was growing by 20 -- 25 per cent year-on-year.

Despite the Pandemic taking over several businesses last year, we managed to do very well with 21 per cent growth in Q 4th October-December 2020. Vaishali Banerjee, PGI Managing Director, said that Q 3 2021 has shown remarkable growth with retailers reporting sales in July-August to be even higher than October 2020.

Platinum is targeted at younger consumers, and that is the case in India as well. Consumer awareness about platinum is very high and it is not restricted to just metros. We have a consumer cohort that is way beyond the metros. Banerjee says it has gone into tier 2 and tier 3 cities.

While 60 per cent of all platinum jewellery sales come from tier 1 cities, another 35 per cent comes from tier 2 cities, with the balance coming from tier 3 cities. Geographic boundaries are less relevant in the age of digitisation, says Banerjee.

PGI introduced the first branded segment Platinum Days of Love in 2009, which is a collection of wedding bands, keeping India's young demography in mind. In 2015 it introduced its second branded segment Platinum Evara for women bridal trousseau subcategory, and in 2019 it launched its collection Men of Platinum aimed at men.

The Men of Platinum' collection is used in 33 per cent and 35 per cent of all platinum jewellery sales in India. Platinum is a popular choice for young men and is a great choice for everyday jewellery. Banerjee says that the heft of the metal and the styling speaks to the younger men.

Men in metros as well as in tier 1 and tier 2 cities have an affinity to platinum jewellery. According to a survey conducted in association with NielsenIQ India, 62 per cent of men feel platinum is rare, 66 per cent believe it is an extraordinary unique metal and 64 per cent believe it's the choice of today's young generation. 56 percent of people believe that platinum is a sign of important moments, milestones and success.

The collection includes rings, wristwear, chains, single ear studs and dog tags, and is inspired by global trends. It is designed specifically for India.

There were around 7 -- 7.5 tonnes of platinum in jewellery fabrication at an all-India level at the close of 2019.