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Platinum Guild International to launch new line of bridal jewellery this weekend |
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KOLKATA: London-headquartered Platinum Guild International is launching its range of bridal jewellery in India this weekend to capture a pie of the market in the ongoing wedding season, thereby increasing choice at a time when retailers say consumers are likely to shift from gold to platinum bridal jewellery as white metal is gaining popularity among aspirational young Indians.
Platinum jewellery is available across 800-plus stores in the top-30 metros and expanding across 70 tier-1 and tier-2 cities in India.
"The platinum retail market (in India) has grown 27-30% till October, but we need to wait and watch as the season has just started. We are definite that this figure will grow," Nicholas Graham Smith, chief operating officer of Platinum Guild International (PGI) told ET.
PGI expects that with the entry into the bridal segment, the annual volume of imports into India may double to eight tonne within three years.
Smith added: "Platinum is ready to show exponential growth. We have seen phenomenal success with the Platinum Day of Love programme witnessing a 35% growth last year and the men's jewellery segment a robust 53% growth. Now is the time to look for a game changer in the market. Bridal jewellery is the largest, most vibrant and emotionally rich space for jewellery in India and weddings related purchases account for the largest share of jewellery purchases in India."
PGI - which has offices in China, Germany, Italy, Japan and the United States, besides the UK and India - identified the potential for platinum jewellery for the wedding segment through 18 months of rigorous strategic consumer research work.
According to industry estimates, 85% of platinum estimates, 85% of platinum consumers are in the 15-30 age group and sales are driven by young women, who play an increasingly larger role in purchase of bridal jewellery.
The retailers say that the price difference between gold and platinum is about Rs 500 per 10 gm, which is not too much to deter Indian families who prefer platinum to make their daughter's wedding ceremony special. On Thursday, 10 gm of gold quoted at Rs 25,950 per 10 gm while platinum price was Rs 30,080 per 10 gm. South India is the biggest market for platinum, but demand is picking up fast in western India, according to retailers. "A section of young educated brides love the white colour of platinum. They wil definitely look at this new line of bridal jewellery. There will definitely be a shift from gold to platinum this wedding season," said Kalpanik Choksi, director of Ahmedabad-based director of Ahmedabad-based Ishwarlal Harjivandas Jewellers, adding that the impact of PGI's launch will become evident within six months.
Source : economictimes.indiatimes.com
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