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HomeMarket NewsPlatinum retail sales up 22% in Q4 of 2022 on weddings, festivals

Platinum retail sales up 22% in Q4 of 2022 on weddings, festivals

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Indian retail sales of platinum increased 22 per cent in the fourth quarter of 2022 powered by the wedding and festive seasons. Consumer demand drove sales despite uncertainties over the global economy, said a Platinum Guild of International (PGI) statement. 

Platinum continued to enjoy demand from PGI’s strategic partners too, sustaining the sales growth momentum in platinum jewellery demand, the statement said.

Customer preference for platinum jewellery and subsequent sales picked up on the back of product innovations, growth and expansion of consumer shopping capacity and the growing popularity of e-commerce, the statement said.

The auspicious festival of Diwali, particularly Dhanteras which signifies an increase in wealth and prosperity, attracted customers to buy precious metals jewellery, including platinum. The market reported slower demand and a decline in traffic to the stores post-Diwali in the South, North-East and Gujarat. However, the demand revived in December, particularly in the South and Gujarat due to non-resident Indians and the wedding season, the statement said.  

Vaishali Banerjee, Managing Director, Platinum Guild International-India said, “The demand is driven by contemporary design, with many customers opting for platinum’s rarity and purity.  Owing to the consistent efforts by PGI and our retail partners, the fourth quarter witnessed growth momentum led by various initiatives.” 

Expanding footprint

“With PGI’s strategic approach, programmes and partners’ continued support in 2023, we will strive to further grow and expand the footprint of the platinum jewellery market in the country,” she said.

The December quarter saw an increased interest in platinum due to the “Men of platinum” promotion owing to the wedding and NRI seasons. “We believe this demand will stay strong in the coming quarters,” the statement quoted Amarendran Vummidi, Partner, Vummidi Bangaru Jewellers.

Milan Shah, Director, Kalamandir was quoted saying, “Platinum jewellery is becoming increasingly popular with younger audiences, driving up retail sales.”

Platinum jewellery is becoming popular especially among young women, said Rajesh Rokde, Director, Rokde Jewellers.





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