In an email conversation with Diamond World, Vaishali Banerjee, Managing Director of Platinum Guild International (PGI) India, shared her insights about the evolving consumer preferences, strategic initiatives, and the future outlook of platinum jewellery.

Q: Please share some insights about the evolving preferences of millennials and GenZ consumers when it comes to  platinum jewellery. How do these changing preferences impact PGI's strategies?

A: Platinum jewellery occupies a distinctive space in the minds of consumers due to the inherent qualities of the metal. Its extraordinary qualities and its promise of rarity speak to the younger generation’s need for social distinction.  Young consumers view jewellery as a form of self-expression and individuality -- to them, jewellery is also a relationship marker, aligning perfectly with platinum's emotional promise. In addition to that, the value system that each of our brands is based on finds resonance with them. They are a cohort which makes choices in favour of brands that align with their personal value system and beliefs.

Emotional Significance: Millennials and GenZ have redefined the precious metal jewellery sector, going beyond the traditional view of jewellery as an investment, or asset class. To them, precious jewellery is an emotional and meaningful purchase. Platinum taps into this sentiment with different categories that cater to their varied occasions and life stages.

Individuality, self-expression and uniqueness: Millennials and GenZ are generations that thrive on experimentation, individuality, and self-expression in their choices.

 A differentiated and modern design language: Their preference for modern designs aligns well with the aesthetic language of platinum. Its sleek and elegant appearance appeals to the clean, contemporary tastes of younger consumers.

Not confined to the one realm alone: The young consumer seamlessly blends online and offline channels to maximize convenience, and access a wider range of options. For platinum, a category in a build-up stage, the digital ecosystem plays a critical role, covering everything from boosting discoverability, to offering education, and nurturing a positive circle of influence that propels adoption.

Additionally, current market conditions offer consumers the opportunity to purchase platinum at a compelling price point.

Q: Much of the demand for platinum comes from chain stores. What strategies are being put in place by PGI to make platinum more mainstream, and place it in independent stores as well?

A: Independent stores are very much a part of our programme, they are key to it when driving local market penetration and relevance. Here are some of the key strategies being implemented:

Tailored training and education programmes: PGI invests in comprehensive training programmes for independent jewellers, and their staff. These programmes focus on the unique selling points of platinum. By equipping independent retailers with in-depth knowledge about platinum, we ensure they can effectively communicate its value to customers.

Collaborative marketing support: PGI offers marketing support, including providing point-of-sale materials and digital marketing assets. These resources help independent retailers create compelling in-store and online experiences that highlight the allure of platinum jewellery.

Enhancing retailer confidence: PGI works closely with independent retailers to build their confidence in stocking and selling platinum jewellery. This includes providing market insights, and sharing best practices that independents can leverage to maximize the platinum opportunity.

PGI's multifaceted approach aims to empower independent jewellers to successfully market and sell platinum jewellery, thereby expanding its reach and appeal in the jewellery market.

Q: In your opinion, how do cultural differences influence platinum consumption patterns between geographies  such as India and the Western markets? Are there any surprising trends you have  observed?

A: Cultural differences play a significant role in shaping platinum consumption patterns between geographies such as India and the Western markets, though there are also notable similarities.  The similarities are listed below.

A young demographic appeal: In both India and Western markets, platinum has a strong appeal among the younger demographic. This trend highlights a global shift towards valuing contemporary style and personal expression. The exception is Japan, where platinum is popular among both young and mature consumers.

Emotional significance: Across all markets, platinum is cherished for its emotional significance. The world over, it is recognized as the metal of love and emotional significance. Platinum is often chosen for its absolute preciousness, and the deep emotional value it represents.

Occasions for purchase: Platinum is typically purchased for meaningful occasions, such as weddings, anniversaries, and engagements. Consumers worldwide associate platinum with rarity, purity, timelessness, and elegance, making it a preferred choice that marks lasting commitments and significant life events. These qualities make it popular for self-purchases too, hence commemorating key milestones and journeys.

The differences are listed below. 

Design influences: In India, platinum designs are heavily influenced by cultural aesthetics. Consumers often prefer more ornate designs that blend traditional craftsmanship with modern elements. Platinum is also integrated into traditional ceremonies, adding a touch of contemporary elegance to customs.

In contrast, Western markets favour more minimalist and modern designs. The focus is on sleek, understated, elegant pieces that highlight the  natural beauty of the metal. They also give a lot of importance to design that makes it spotlight-worthy.

A surprising trend is the increasing popularity of platinum jewellery among men in India. Men are now more inclined to wear platinum wedding bands, bracelets, and other accessories, appreciating its strength and refined look.

Sustainable jewellery playing larger role in the West

As consumers become more environmentally conscious, there is a growing demand for responsibly sourced and produced platinum jewellery. Brands are highlighting their commitment to sustainable practices, and ensuring responsible sourcing of materials across sectors. Younger consumers who have experienced the perils of climate change up close find value in these choices.

Cultural differences profoundly influence platinum consumption patterns in India and Western markets. While both regions share a common appreciation for the metal’s emotional significance, and its role in marking important life events, the design preferences and cultural influences differ markedly. Understanding these nuances helps brands tailor their offerings to meet the distinct tastes and values of each market, ensuring that platinum continues to be a cherished choice across the globe.

 Q: Please  elaborate on PGI's recent marketing campaigns that have been successful.

A: Our recent campaigns have showcased a strategic integration of sports, emotional storytelling, and innovative marketing to resonate with diverse consumer segments effectively. A few examples that come to mind are:

The Men of Platinum campaign has successfully used men’s cricket to highlight the desirability of platinum, featuring icons such as K L Rahul and Surya Kumar Yadav. During the Cricket World Cup season in Sept 2023, we launched a new collection and campaign, introducing Surya Kumar Yadav as the face of the campaign. This initiative effectively engaged our core male consumer base through content across mediums such as digital, TV, print, etc.  

A mini-series that accentuated both the untold stories of the cricketing icon and the enduring metal “A minute with Men of Platinum” hosted on Disney+ Hotstar was the highlight of the initiative. Further innovative content marketing efforts with ESPNcricinfo during IPL 2024 called out the Man of Platinum of key matches, bringing to life what the brand, and its value system, truly stands for.

Platinum EVARA took its journey of ‘Very Rare, Very You’ forward with the 'Becoming Me' campaign. It featured cricketer Jemimah Rodrigues and singer Nithyashree Venkataramanan, and celebrated the journeys of today’s young women who define their own paths. The campaign emphasized self-belief, self-worth, and self-love, highlighting their stories of personal growth. Through a mini-series, it offered an intimate glimpse into the lives of the two achievers, showcasing their milestones, and marking them with Platinum Evara.

Continuing in the same vein, and capitalizing on the popularity of women’s cricket, in March 2024, we highlighted Rodrigues’s journey during the Women’s Premier League with the '#IGotThis' campaign. Through a series of six dynamic social content pieces, Rodrigues  showcased the challenges she faced as a woman in the sport, and how she overcame them.

Platinum Love Bands, on the other hand, focussed on the dreams and aspirations that young women have today. Platinum Love Bands finds its natural fit in marking milestones in a couple’s relationship journey. Our last campaign raised the bar, while at the same time, focussing on a product showcase that is unique. Love stories were told by our love bands as well, garnering much traction and visibility with their disruptive approach. Initiatives such as a tie-up with platforms such as JioSaavn, for which we created  a Platinum Love JukeBox for Valentine’s Day, and disruptive anamorphic outdoors that made the bands larger than life, helped us spread our message effectively. 

Q: What is the  outlook for platinum for 2024-2025?

A: We anticipate strong consumer sentiment during the upcoming festive and wedding seasons, ideal for purchasing platinum jewellery to commemorate special moments and indulge in celebrations with loved ones. We have announced new collections and introduced new design innovations for Men of Platinum, Platinum Love Bands, and Platinum Evara to engage our core consumers. There is a robust marketing calendar that supports these initiatives. 

Effective pricing makes one of the rarest precious metals more affordable to the consumer, and we are monitoring the price closely. We expect the double-digit growth to continue for the next few years.

The journey of platinum in the jewellery market is marked by its unique appeal to younger generations, strategic market penetration efforts, and culturally attuned designs. With an optimistic outlook for 2024 and 2025, PGI’s initiatives are well-poised to expand the reach and influence of platinum, making it a beloved choice for consumers across the globe.