PGI Enters Bridal Jewellery Segment in India

EVARA Platinum Blessings LOGO-7th November2014 was a big day for the Platinum Guild India (PGI) when it created a history by launching ‘Evara’ bridal jewellery in Indian markets. As the PGI puts it, “Love is at heart of every Evara design. A platinum bond in these designs holds multiple strands together, symbolic of a coming together to create a beautiful new relationship.”

Some of India’s top design professionals from Uni Design India, Shrenuj, B N Jewellers, Kama Schachter, Emerald, KGK and Foley designs have created the concept that has truly brought out the emotional symbolism. As Ms. Vaishali Banerjee, Country Manager, PGI puts it, “While creating an exclusive opportunity for dual gifting of Evara for the bride and the groom, the key premise on which it has been based on is the emotional significance of the product. We had given brief to the designers to bring alive the promise of everlasting love with every piece of Evera.

The considerations given to the design team was to find the right balance between the modernity the young girl desires of platinum and the strong Indian cultural connect of the wedding. It was very important that the design idea should inspire rather than restrict designers to create a range. It should be specific and recognisable rather than narrow and constricted.”

PGI feels that opportunity to enter bridal jewellery segment lies in its high emotional appeal and the aspiration it holds for the young women, who are increasingly playing an important role in purchase of the bridal jewellery. What makes the situation favourable for the launch is that 85% of platinum consumers are in the group of 15 and 30.

PGI diagnosed the opportunity for launching Evara, the bridal space through rigorous consumer research, where hypothesis was checked at every level, identifying the opportunity, to the positioning, to evaluating the creative idea and then checking consumer intension to purchase for design product type by price point. A qualitative research was conducted over a year spanning 36 focus groups, where the Group Researchers met close to 1200 women comprising of Mothers of Bride and Grooms, Brides to be and Newly Wed Brides to evaluate and shortlist the right brand platforms for platinum within the bridal space. Decision making process and role played by different family members in bridal jewellery purchase was thoroughly understood, which helped PGI to leverage an emotionally meaningful space from the urban Indian wedding.

Vaishali Banerjee
Vaishali Banerjee

Justifying the Evara launch time, Ms. Banerjee says, “We have timed the launch of our Bridal announcement as per the wedding season. Tapping the massive growth potential with the growing desire amongst young brides looking out for platinum and filling in the consumer need-gaps, we have decided to launch Evara. I am sure this segment would provide an opportunity for Indian retailers to be leaders once again, expand their business and be part of something new and exciting that would help them grow in the market and create history once again.”

The Chief Operating Officer, PGI Mr. Nicholas Graham Smith, who had specially flown to Mumbai to grace the launch ceremony says, “The Indian platinum retail market has grown by about 30% till October 2014 but we need to wait and watch as the season which has just started. We are definite that this figure will grow. We also expect that with the PGI’s entry into the bridal segment, the annual volume of imports into India may double to eight tons within next three years.”

Mr. James Courage, CEO of the PGI says, “Since our first entry in India in Sep. 2000, the local platinum market here has evolved and achieved significant impetus, with the support from our partners being crucial to drive category growth. From just 2 manufactures and 15 retailers in 2000, the platinum industry has today grown to 16 manufacturers and over 800+ stores all India in 70+ cities, expanding across Tier 2 cities in India. We have achieved a breakthrough today by offering something unique and meaningful in the space of bridal jewellery that has high emotional appeal and holds high aspiration for the young. The very positive market trend is an indication that it is now time to step forward and embark on a new journey to create and build another platinum milestone with EVARA Platinum Blessings.”

Evara would be promoted through a vigorous 360-degree campaign to inspire an emotional connect for platinum wedding jewellery. The campaign would be supported by a strong trade programme which would deliver a superior consumer experience in-store with dedicated branded Platinum Evara zones, according to PGI sources.

In order to assure consumers of the purity of platinum jewellery, PGI has appointed Underwriters Laboratories (UL Inc, USA) to audit and monitor its Quality Assurance Scheme. Under this scheme, all authentic platinum jewellery in India comes with a Quality Assurance Card and bears the purity hallmark of “Pt 950” stamped inside the piece. This also serves as an assurance of a ‘buy back’ programme.

Posted by Suresh Chotai