Due to the wedding and holiday seasons, retail sales of platinum in India rose by 22% in the fourth quarter of 2022. Notwithstanding concerns about the status of the world economy, consumer demand propelled sales, according to a Platinum Guild of International (PGI) statement. According to the statement, platinum continues to be in demand from PGI’s strategic partners as well, supporting the sales growth momentum in platinum jewellery demand.
The statement claimed that consumer demand for platinum jewellery and subsequent sales increased as a result of product developments, growth in consumer purchasing power and popularity of e-commerce. Diwali, an auspicious celebration, especially Dhanteras, which denotes an increase in riches and prosperity, drew buyers to purchase platinum jewellery made of precious metals.
Following Diwali, the market observed weaker demand and decreased store traffic in the South, North East, and Gujarat. According to the statement, the demand did go up again in December, notably in the South and Gujarat, as a result of the wedding season and demand from non-resident Indians.
Platinum Guild International India’s managing director, Vaishali Banerjee, stated that “modern design is driving demand, with many clients choosing platinum’s rarity and purity. Due to the ongoing work of PGI and our retail partners, growth momentum was seen in the fourth quarter, driven by numerous initiatives. Due to the “Men of platinum” marketing and the wedding season, there was a rise in interest in platinum during the third quarter of 2018, particularly from NRIs. Amarendran Vummidi, partner of Vummidi Bangaru Jewellery, was quoted in the announcement as saying, “We expect this demand would be robust in the future quarters.”
