Platinum jewellery may witness over 20 per cent sales growth in next two quarter ..
Wed Sep 21 2022
Platinum jewellery retail sales are expected to grow between mid to high 20 per cent during the upcoming quarters, shared Vaishali Banerjee, MD, Platinum Guild International (PGI)-India, a marketing organisation focused to develop the global platinum market. Last year, platinum jewellery saw growth at 20 - 21 per cent, she added.
Sharing demand for platinum jewellery for the festive season, Banerjee said that April - June was an outstanding quarter in terms of consumer buying followed by an extremely solid pre-festive August.
“We are expecting a very strong quarter for platinum in October-December and the February month. For the next two-quarters growth will be in the mid to high 20s,” she said.
In comparison with pre-pandemic sales, Banerjee highlighted that the platinum jewellery market returned to pre-COVID levels in 2022.
PGI works in close collaboration with jewellery retailers and manufacturers. Commenting on the growth witnessed by its retail partners, the company said that jewellery retailers associated with it have witnessed triple-digit growth in the second quarter of this year and are expecting the same growth trends to continue in Q3 and Q4.
Talking about which parts of the country are driving demand for platinum jewellery, Banerjee said that while initially the growth was led by metros and the top 20 - 25 cities, for the past few years, significant demand is coming in from tier two and tier three cities. She added that for the festive season platinum jewellery market expects to see a strong response from cities beyond the top 30.