International survey on platinum jewellery demand carried out by Platinum Guild International (PGI), a copy of which is with TOI, suggested that India witnessed a strong growth in platinum jewellery with retail sales increasing by 21 per cent year-on-year and fabrication demand growing at 34 per cent in 2017.
At present, manufacturing demand for platinum in India is pegged at about 176k ounces or 5 tonnes per annum, which is likely to increase at 500k ounces or 15 tonnes in the next five years.
Founded in 1975, PGI is the world’s leading authority on platinum jewellery industry and is an organization supported by major platinum producers of South African. PGI has specialist teams dedicated to raising awareness of platinum jewellery, developing demand for platinum jewellery through consumer and trade facing programmes in the four key jewellery markets of China, India, Japan and the USA.
“Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India. The rarity of the metal, the designs inspired by global trends and the distinct emotional positioning of platinum makes it the preferred choice of millennials,” said PGI India managing director Vaishali Banerjee.
Banerjee added, “The outlook for 2018 is strong given that both Platinum Love Bands and Platinum Evara are getting embedded in our culture and the business opportunity that platinum offers to retailers is incremental and sustainable.”
Commenting on the bridal trend in platinum, Pratap Kamath, managing director, Abaran, said “Jewellery is an integral and inevitable part of Indian weddings. So far it was only gold that dominated this scenario. However, PGI’s new branded programme is creating a new tradition with platinum. Consumers at our store are genuinely purchasing platinum to gift or welcome new members into their families.”
by via Surat News, Latest Surat News Headlines & Live Updates - Times of India
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