Platinum Guild ties up with top jewellers to market branded jewellery in India

Our Commodities Bureau in Mumbai

BARELY one year of its presence in India and studying the huge Rs 40,000 cr Indian jewellery market for over two years, The Platinum Guild India, the Indian arm of Platinum Guild International, is now all set to make inroads in the estimated Rs 500-crore branded jewellery market here.

Platinum has already captured the hearts and pockets of jewellery connoisseurs in Japan, China, Italy, UK and USA. India is the new destination for the producers behind the UK-based Platinum Guild International. Globally, the demand for platinum jewellery is claimed to be catching on in a big way and the demand is expected to be approximately around 100 tn annually.

So, as a first step to capture Indian jewellery lovers, Platinum Guild India has recently announced tie ups with some of the top names in the domestic jewellery industry to market branded platinum jewellery in India. Platinum Guild India, jointly with Shrenuj, Intergold and Kama, has announced the launch of ‘India Ogawa Line’ platinum jewellery said to be designed by the renowned Japanese jewellery maestro, Kazuo Ogawa.

The three Indian jewellery-makers are part of the Platinum Guild India programme, who will manufacture the India Ogawa Line. The first collection of branded platinum jewellery will be available at three select outlets in Mumbai - TBZ Nirmal Zaveri, KG Popley & Sons and Intergold.

The entire collection will be crafted entirely in platinum and will be priced above Rs 20,000. Says a Platinum Guild communique, a piece of jewellery containing 90 per cent pure platinum weighs 60 per cent more than a 14 carat gold piece of similar size.

“Ogawa-san will introduce a new concept and image of platinum jewellery in the Indian market,” said Platinum Guild International, CEO, James Courage. “It will expose the Indian consumer to a wider variety and range of designs, techniques, textures and versatility in platinum jewellery elevating the concept of jewellery from mere ornaments to symbols of art, culture and lifestyle”.

The Platinum Guild expects India to be a significant player in the global jewellery market, as India is the world’s leading gold jewellery and diamond jewellery market. “This makes India a very important market for Platinum Guild”, Mr Courage said.

Also, four years ago, Platinum Guild had conducted an initial consumer research in India, which showed that people here had high interest levels and were also aware of the rare metal. As part of its marketing strategy, it will target the upper middle class and elite class. The focus will be on westernised women between the age of 25-40 years, with spending power. Platinum will be positioned as an alternative to gold and diamond jewellery and will usually cater to the established jewellery buyers. To achieve this, Platinum Guild plans to come out with a totally new media campaign. Retailers will be trained in the nuances of handling platinum jewellery. Steps to create more awareness of the precious metal will also be undertaken. The jewellery will be accompanied with a SGS certificate which will state the purity content of the platinum in the jewellery. This will give added assurance to the consumer.

Platinum jewellery is still in infancy stages in India, usually adorned by the higher income groups. But buying Platinum jewellery in India will be much more economical, according to Mr James Courage. Says Mr Courage: “The price of platinum remains the same everywhere, but the manufacturing costs make a difference to the overall pricing of the jewellery.

Since Indian manufacturers are one of the most competitive in the world, platinum jewellery will cost slightly lower in the Indian market when compared globally”. Most of the platinum jewellery manufactured in India was for the purpose of exports. Last year alone, exporters at the Mumbai’ Seepz exported around $35 m worth of diamond studded platinum jewellery, of which 40 per cent was platinum. China is the largest consumer of platinum jewellery today.