Platinum jewellery sales in the country surged by 24 per cent last year, according to a survey.
Platinum Guild International's (PGI) Retail Barometer survey, conducted between January and February 2016, covered over 21 retail companies with about 310 outlets in key platinum markets across India.
"Platinum has seen an excellent growth of 24 per cent, despite it being a very challenging year. Insight based focused strategies has helped us deliver growth last year. We fuelled the desire for platinum, by creating new jewellery occasions and fulfilled unmet consumer demands..." PGI India Country Manager Vaishali Banerjee stated in a release issued here.
"And to enhance our reach further, we created a robust digital strategy in jewellery space which is crucial to engage with our core target group," she added.
Out of the 24 per cent, 53 per cent sales were dominated
by studded platinum jewellery, the survey revealed.
"Despite manifold challenges in the luxury category and a difficult year for jewellery in general, jewellery retailers invested in platinum have weathered the storm ahead of their peers.
"The historically low platinum metal price has benefited consumers and retailers alike, presenting a unique opportunity to acquire the most aspirational fine jewellery," PGI CEO Huw Daniel said.
India, he said, is a very exciting market and PGI is bullish about prospects here.
"We look forward to strong growth numbers in 2016," he added.
PGI's third annual Retail Barometer research survey was conducted by a third party agency, StratWon Business Consulting.
