Platinum Guild International Widens Opportunities In India’s Jewellery Industry
Huw Daniel, CEO, Platinum Guild International, talks about this big opportunity for platinum within the Indian markets. They want to peer it create new traits and events inside the country. PGI is asking at increasing its footprint & penetration attaining out to tier 1,2,3, and 4 cities gave its robust accomplice base.
Globally, where does Platinum Guild International reach, and what are the vital markets for you?
We function in 4 markets, including our lead marketplace that’s China, in terms of length. Followed via Japan, America of America, and India, which is our fourth marketplace. We additionally centered in Europe earlier, however, shifted all our assets and dispensed them across our different present and new markets five years in the past. The demographics of the boom go back on investment, and purchaser profiles have been more favorable—we degree our success regarding the ounces offered in the fabrication of platinum jewelry. We recorded the units, and the Asian continent consumes eighty%, to which India’s contribution continues to develop, and it remains PGI’s most essential strategic marketplace. We’re extra interested in the increased potential wherein the increased facts point heavily closer to the united states growing at double digits, touching 30%. We’re looking at an enterprise of 500,000 oz. Within the next 2-3 years. Our dollar in step with ounce investment is greater than any other marketplace in India.
How would you Indianize the platinum fashion within the united states and make it more client pleasant in jewelry desire phrases?
India is always going to be a gold market predominantly. There’s no question about that because it is the maximum conventional and historical past sure jewelry lifestyle globally. Our vision for platinum is to bring in a specific form of jewelry to the consumers and produce an incremental opportunity within the enterprise. We have constructed the business in India, and our technique isn’t always to imitate traits followed by using other valuable metals right here. It is about creating new markets, and with platinum, we created an entirely new category around love, converting the way Indians look at that specific segment. Platinum needed to have a position inside the wedding ceremony events within us. We created an occasion of blessing from the mom and the daddy to their daughter and the bridegroom. Platinum is bought for emotional motives, and that has usually been our cause to exist, and it’s miles what we can retain.
While masking 4 main markets, how has the adventure been for PGI in India?
We started our adventure in India in 2000, and we constantly located platinum as a differentiated providing amidst others, launching our pilot test application in the marketplace in Chennai. This caused our countrywide software in 2009, and we’ve had a ten-year-long journey where the commercial enterprise has grown in double digits. The handiest year, we faced a challenge in 2016 for the duration of demonetization; however, other than that, we’ve most effectively grown. Platinum is present in over a thousand+ stores nowadays and is sturdy in Bengaluru, Kochi, Mumbai, Nashik, Hyderabad, Pune, Bhubaneshwar, Surat, Indore, Kolkata, and plenty of more. This product is a tier 2, three, and four opportunities, too, and we’re locating younger consumers thru the cellphone, statistics penetration – teaching consumers and informing their selections.
With a massive growth potential for platinum in India, where would PGI stand within the jewelry enterprise close to destiny?
Our mandate comes from the mining agencies in South Africa, and it’s far obvious that PGI wishes to preserve our venture of bringing in effective possibility. We intend to hold to locate methods for platinum to go into exclusive markets, and we do that by running very closely with Indian producers, stores, and consumers. In India, there’s a market-making function, and via our efforts, we are sensitizing the consumers in the direction of the fee of platinum and making it meaningful to them.