Second Edition of Platinum BSM Marks a Milestone

Vaishali Banerjee

Chennai: The 2nd season of the Platinum Buyer-Seller Meet, a leading platform for manufacturers and retailers to explore the wide range of platinum jewellery, was held on July 5th, 6th & 7th 2017 in Chennai. The aim of the meet was to showcase new product category opportunities, as well as introduce new designs developed by manufacturers for the upcoming festive season.

The first day of Platinum Buyer-Seller meet commenced with the ‘Season of Love’ awards, where the key retailers and their staff, who promoted the campaign with enthusiasm and contributed to the sales of platinum jewellery, were felicitated. The ‘Season of Love” is an annual exclusive in- store platinum programme, where customers commemorate their love in true platinum style. The 2017 edition of ‘Season of Love’ was celebrated across all leading platinum jewellery retailers across India, from May 15 to June 15 June 2017 and had extraordinary offers available for customers on the purchase of platinum jewellery.

The Platinum Buyer-Seller Meet witnessed participation from nine manufacturers, who presented a diverse portfolio of over 4500 pieces together that included a range of best sellers and new developments in core categories like Love Bands, Evara and Men’s jewellery. The event was attended by the leading PGI strategic retail partners, which saw an overwhelming turnout. The business meet also saw an increase in retailer engagement, for the newly launched collection by the manufacturers.

Amongst the diamond jewellery category, the Platinum Evara range was the focus for the manufacturers, for which they presented new light weight necklaces, earring sets and earring-bangle sets. They also presented a collection of stunning pieces of couple rings and women’s rings for gifting during special occasions.

Kama Schachter, a leading diamond manufacturer also introduced an enticing new range in Platinum Evara, pendant-earring sets and men’s jewellery. In the plain platinum category, manufacturers like BN focused on the Platinum Evara range by introducing an exquisite new range of Platinum Evara chain jewellery and machine chains, while Emerald introduced beautiful Platinum Evara chain jewellery, fusion (dual tone bands) with sintering technology and Lariat sets, along with plain men’s jewellery. The imported chain distributor Tankaria’s introduced new set of woman and men’s chains, machine cut plain bands, openable round bangles and dual tone chains. Uni-designs introduced a range of ring-earring- pendant sets at entry level price points, along with the second edition of Mars and Venus collection of Platinum Love Bands. Prism Jewellery presented a new range of woman rings and dual tone light-weight Platinum Evara necklace sets with oval bangles. Given the need of leaner inventory and faster stock-turn, Jewelex, Oro, Uni-design Jewellery and Kama brought in a replenishment model in the core categories like couple bands, men’s jewellery and pendent-earring sets.

Commenting on the 2nd edition of Platinum Buyer-Seller Meet, Vaishali Banerjee, Managing Director, India, Platinum Guild International (PGI) says,” January -June 2017 has been exceptionally strong in platinum retail sales. We would like to thank all our retailers who participated in “Season of Love” so positively, and added to the sales of platinum jewellery during the campaign. Platinum brings in a new, young consumer for the retailer; one that is informed and engaged with the category providing them with a real opportunity for incremental growth. This was evidenced during the campaign where the number of participating retailers grew from 140 doors last year to 600+ doors this year. The Platinum Buyer-Seller Meet this year took place at the right time, after the ‘Season of Love’, when retailers are ready to stock up for the season. The Buyer-Seller meet is an opportune time for retailers and manufacturers, to understand the platinum market. This year our manufacturing partners presented an exciting new range across Platinum Love Bands, Platinum Evara and men’s jewellery. We look forward to a year of great opportunities and growth in platinum”

Platinum is the only category that has consistently been growing in double digits for most retailers’ due to the innovative marketing initiatives undertaken by Platinum Guild International and the growing popularity of the metal among the younger consumer. The Platinum Buyer-Seller Meet serves as a focussed platform for retailers to plan their platinum merchandising well ahead of season. It also deepens the understanding about the in-store initiatives and how platinum can help retailer optimise on walk-in’s and drive better retail margins.