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January 12, 2019

The craftsmanship and design of any platinum piece is one of the key motivators for our consumers to choose platinum.

The craftsmanship and design of any platinum piece is one of the key motivators for our consumers to choose platinum.

  • Closer talk with  Vaishali Banerjee, Managing Director India, PGI

We have witnessed a growing preference for platinum in the men’s jewellery segment. What do you think is the reason behind the growth of this segment?

With increased affluence and global exposure leading to higher individualism in men. They have a strong desire for exclusivity and want to been seen as distinct from the crowd. This need has been addressed by watches in the market, however, it remains untapped when it comes to precious jewellery for men. Men have indulged in gold jewellery for themselves but with the intention of wealth creation as well as family status.

Today’s man aspires to lead a life of personal greatness, beyond the status defined by wealth. While wealth is a given, he also wants to be appreciated for his extraordinary values, for his grit to win in life. Therefore, making platinum his preferred choice of metal to mark those rare values.

Trade is seeing this category as an incremental business opportunity. As more and more men seek markers of personal success, categories beyond watches are gaining momentum. The category offers business both in terms of volume and revenue to the retailers because men prefer heavier jewellery.

What kind of growth has been reported in the men’s category? How has the performance been last year and what is your growth prediction for 2019?

We have three branded segment that carry men’s jewellery.  Platinum Love Bands have rings and bands for men and are bought during an engagement, wedding or anniversary occasions. Platinum Evara includes chain and bracelets for men, which is gifted from the parents at the time of a wedding. Our third segment is our self-purchase category and the range extends from rings, kadas, bracelets and chains. The men’s jewellery segment accounts for 40 +% of the total platinum jewellery sales across these branded segments in the market. The growth has been in line with the market at a 20-25%. We are bullish on this segment because it is differentiated and has a great opportunity for growth and addresses a gap in the market.

With a growing demand for men’s jewellery, what is platinum offering under this category In India? While women’s jewellery is more about floral & nature- inspired designs, men prefer something simple and elegant. Is this the reason for the increasing preference of platinum in Men’s category?

The craftsmanship and design of any platinum piece is one of the key motivators for our consumers to choose platinum. The men’s designs we introduce with each collection are urbane, modern and emit sophistication.  We look at specific international design trends that are relevant and will speak to our consumers.

Our latest collection is inspired by “Digital Fantasy”, an international design trend, which is about futuristic design hooks. These are minimalistic pieces inspired by geometrical forms and patterns and laser-cut designs in modern and minimal look with masculine sensibilities.

What are PGI’s growth plans for this category? How has this fiscal year shaped up so far for platinum jewellery and what is your projection of the state of the market and demand in 2019?

Platinum is on a growth path across its branded segments. 2018 has been volatile with some good quarters and less and we expect the market to deliver +20% - 25% growth. This year we aim to develop the men’s segment further with a strategic marketing program to fuel its growth.