PGI reports 8% CAGR for platinum jewellery
While traditionally a market for gold jewellery, India has developed a strong appetite for platinum over the past decade, recording a growth of 8% between 2013-18.
Introduced to this country in the early 21st century by Platinum Guild International (PGI), demand for platinum jewellery experienced a Compound Annual Growth Rate of 8% between 2013 and 2018, making it the fastest growing platinum jewellery market globally.
Jewellery contributes 7% of India’s GDP, said PGI on 13 Feb 2020.
Over the past decade, the perception of jewellery in India has evolved alongside massive economic, social, and cultural shifts. The country’s economic landscape continues to improve, as a result of its fast-growing economy, an expanding middle class and rapid urbanisation.
“Platinum is now firmly established in India, and the jewellery industry can expect strong growth in coming years, as platinum becomes further embedded into the life of India’s young consumers,” said Huw Daniel, CEO of Platinum Guild International.
Youth currency is a key influence of future demand in the fastest growing market for platinum jewellery. India’s large demographic of younger consumers is a key driver for the rapid growth for platinum jewellery.
By 2021, 61% of India’s 1.4 billion population is expected to be below the age of 35, and they are increasingly educated and tech-savvy.
Alongside these social-economic changes, new luxury materials like platinum are becoming more prevalent as well as particularly aspirational for modern, young and newly affluent Indians. Fiinews.com
