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, until where does Platinum Guild International have its 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. Where the demographics of the boom, go back on investment and purchaser profile have been more favorable. We degree our success with reference to 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 increase 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 phrases of jewelry desire?
India is always going to predominantly be a gold market and there’s no question about that due to the fact it is the maximum conventional and historical past sure jewelry lifestyle in the global. Our vision for platinum is to bring in a specific form of jewellery enjoy for the consumers here and produce an incremental opportunity within the enterprise. That is wherein we have constructed the business in India and our technique isn’t always to imitate traits followed by means of other valuable metals right here. It is about creating new markets and with platinum we created an entirely new category round love, converting the way Indians look at that specific segment. Platinum needed to have a position inside the wedding ceremony events within us of a and 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 are able to retain constructing.
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 effective grown. Platinum is present over a thousand+ stores nowadays and are 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 in the close to destiny?
Our mandate comes from the mining agencies in South Africa and it’s far very clear 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 via 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.