Platinum Jewellery Business Review
Platinum Guild International (PGI) recently published its Platinum Jewellery Business Review, 2020-Web presentation under the heading of Tectonic shifts: How the world is moving and jewellery demand is responding! Presented by Huw Daniel, Chief Executive Officer, Platinum Guild International-PGI.
The presentation says about shifts accelerated by Covid-19, making programmes built around the key to recovery. As a key insight, under the Digital consolidation it said, the consumer journey is no longer a straight line! Digital is not a channel; it is a key ingredient to the consumer experience, linking engagement to purchase – wherever both occur. Social distancing and lock-downs have made this even more of a priority.
Another insight, focussed is Branding & Storytelling and said, marketing cannot improve generic products. Collections that have been developed with the consumer in mind and tell a compelling story will lead to recovery, the stronger the brand, the stronger the recovery.
Another insight point is Mid-market extinction! At this point presentation says, retailers need to get off the fence! And said, offering everything to all people has become a dangerous business model. Finding and owning the right space with the right business model is becoming a survival strategy, especially in a world that has become more competitive overnight.
This presentation is also focussing various nationwide impacts including India. Presentation is inking that, Platinum motivates the jewellery trade with growth opportunities for India. By focussing the performance India during 2019, the presentation says, Platinum jewellery India Annual Retail Performance is up by +14% in sales term YoY.
India platinum market size is of 228koz as a manufacturing demand that shoots up +11% in 2019 YoY. The presentation learnt that the Product Category Sentiment for both, 1: Bridal & 2: Non-bridal jewellery is showing strong growth in India. Platinum delivered high growth and profitability for a trade suffering constant disruptions during 2019.
The shift is being arisen because,
1: Retailers re-focused on higher-margin categories, in light of tightening financing and increasing gold prices.
2: Platinum jewellery sales were boosted through PGI’s conversion programmes! &
3: A new brand was launched to create additional demand in men’s jewellery.