As we are all aware, the COVID-19 pandemic has significantly affected celebrations, weddings, and sporting events globally with India’s economy taking a particularly hard hit. A portion of the decline, particularly at the luxury and premium end of the market, has been attributed to a lack of the kinds of occasions that create demand for such products, and our lavish weddings, which are renowned across the globe for having hundreds of guests, have been significantly impacted. Smaller, more private weddings with close family members and friends have become more common as a result of social distance conventions and travel limitations.
Due to consumers saving their money for more necessary things, high-end merchants had seen a decline in sales. It is impossible to overstate the effect this has had on the market for high-end jewellery in particular, but thankfully things are improving thanks to strategic initiatives to support the industry.
According to the Platinum Jewellery Business Review, an annual report conducted by Platinum Guild International (PGI), the platinum jewellery sector continued to grow in the last quarter of 2022.
Retailers have been able to capitalise on a crucial jewellery purchasing season because of the confluence of the festival season and the wedding season in the second half of December 2022. As gold prices have risen, retailers have been forced to concentrate on high-margin products like platinum to maximise profits. Yet, PGI’s (Platinum Guild International) own brand Men of Platinum showed how integrated marketing campaigns around major events Cricket T20 World Cup have helped drive brand visibility and attract a more diverse audience.
Huw Daniel, CEO of PGI, commented on the good results by saying: “Socially and economically, the world is still adjusting to life after the global epidemic. The significance of jewellery in honouring love, life, milestones, and successes, however, continues to be a shared trait. Consumers and corporations are beginning to recognise platinum for its priceless attributes.
With good cause, platinum is increasingly becoming the premium item of choice for discerning and ethical consumers. Because of the various extraction techniques available, it is typically viewed as having a lesser carbon footprint. The fact that platinum is easy to recycle increases its already extraordinarily long lifecycle and makes it possible for consumers to put pieces to new uses or transform them into new styles. And due to the distinctive and eye-catching designs that several celebrities have recently displayed, platinum is now establishing itself as a standard for engagement rings too.
Famous people including Ariana Grande, Anne Hathaway, Priyanka Chopra, Jennifer Lawrence, and Beyoncé are among those who have been spotted wearing their exquisite platinum rings. Many people find platinum appealing because it has a natural white colour that white gold does not have, and because its 95% purity brings out the shine in diamonds. Furthermore, platinum’s toughness guarantees that engagement rings can be treasured and passed down through generations without tarnishing.