The Indian jewelery market of platinum grew 28% in 2014 due to lower prices and a rapid change in consumer preferences, especially in the category of wedding products. This is stated in the retail market research conducted by Platinum Guild International (PGI) and independent research firm StratWon Business Consulting.
Despite the slowdown in early 2014, the growth of platinum sales was observed in all categories of stores. Sales of PGI's strategic retail partners grew by 33% at once, compared to 19% last year.
Vaishali Banerjee, director of Indian division of Platinum Guild International, said: "Taking into account the general market scenario, the growth in demand for platinum in 2014 was quite high, which only confirms the constant development of consumer expectations, a greater level of conversion in retail stores, as well as an increase in propensity our target audience for the purchase of platinum products.With the launch of the Platinum Evara project based on the results of consumer demand research in late 2014, we expect even more growth. tions on a new category of products has been very positive. "
According to figures released by Director General Commercial Intelligence and Statistics (DGCIS), total imports of platinum to India increased to 5.7 tons in 2014, compared to 4 tons in 2013.