India has a cluttered jewellery market industry; how did platinum jewellery come to occupy a unique niche positioning?
Today, platinum jewellery in India occupies a very distinctive space among other metals. And this is a result of PGI’s strategic focus on the growing affluent urban youth, which is a discerning lot. A truly rare metal, platinum feeds into a very different set of needs of this younger segment of consumers. Platinum is bought for moments of emotional significance and hence our designs are embedded with meaning. We design it as a marker of important milestones in relationships and life.
Platinum’s unique properties include a rarity that’s 30 times more than gold, and it is known for its ability to withstand daily wear without thinning. Furthermore, platinum jewellery is almost entirely pure, at 95% purity even when it’s set with diamonds. This makes it one of the most robust, enduring and finest metals available in the market today.
Also, platinum’s distinctive design philosophy not only makes each piece unique, but its minimalist narrative makes it appealing to mark intimate personal and professional milestones with purchase of jewellery.
How has the jewellery buying evolved or changed in the past few years?
The jewellery market in India is mature and is on a solid recovery trajectory post Covid-19, validating its strategic opportunity. In India, jewellery plays an integral role where it tends to have a store of value and serves as a marker of social and personal milestones in life.
India is a predominantly young country with an estimated 70% of the total population below 40 years. This generation of millennials and Generation Z have grown up in a more confident and open India and are more success-oriented and ambitious for a better life. They are driven by a need for self-expression and social distinction to leave a mark for themselves. Precious jewellery can address these needs through a narrative that expresses the values of this generation.
The millennials are more evolved, independent and well versed with international trends; they are always seeking the latest, and have a very strong point of view built through their entrenched digital footprints. Covid-19 has been instrumental in accelerating the use of digital across categories, and platinum brands have adopted the digital-first strategy to engage this segment of consumers, thereby building appeal, relevance, desire, and preference for platinum in their lives.
According to PGI’s previous report, millennials are more inclined towards buying platinum. What trends do you forecast for 2021?
As per the PGI Global Study done in 2020, we have found that Indian jewellery buyers, predominantly millennials, are looking to build value through their resources and reinforce their close relationships and self-affirmation. There is a strong willingness to spend on precious jewellery and this sentiment offers an ideal opportunity to reinforce the power of platinum as a metal to build and uplift life. Another interesting insight is that 66% of consumers, ‘want to purchase something that maintains its value, and 64% want to buy something ’personally meaningful’, which gives jewellery a distinct advantage over other discretionary categories.
The idea of affordable luxuryholds a special appeal for millennials. This has expanded the competitive canvas for precious jewellery as these young consumers are looking at multiple categories like technology, fashion, leisure and travel to enrich their lives.
They seek jewellery with differentiated designs infused with meaning and a narrative that reflects their deepest emotions and self-image. Jewellery for them is meant for adornment and hence the choice of the metal, values behind it, the design, style, etc. are driven by their personal aspirations, making platinum jewellery a preferred option.
When it comes to design, platinum jewellery has a differentiated philosophy based on minimalism and contemporary classic that speaks to the young.
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