Friday, September 25, 2020
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Platinum Jewellery Business Opportunity beyond the Metros

Platinum Business Opportunity beyond the Metros

Platinum jewellery is the most preferred jewellery option for youths and is gradually replacing the most popular metal since ages – gold. Not only metro cities but small-town people are also now aware of the magic of platinum.

Platinum is the heaviest of the metals, weighing twice as much as gold. Let us discuss how platinum can become a major project segment.

Younger people are more conscious of what they are buying. They are very particular about brands, design and categories. There are many brands like Evara, a women jewellery brand and many other brands offering men’s jewellery as well. Platinum love bands gained huge popularity among young couples. Younger people have higher desires and aspirations for brands.

Platinum is different when compared to gold and is a different product category. Every part of the offering has to be different too. Be it product design, marketing program, consumer’s needs etc.  All must be differentiated from gold. It is important to position platinum on an emotional platform. In India, it is all about emotions and people buy based on their feelings.

Sales staff training is important as they have to face the consumers directly. If they are aware of consumer needs, will be able to put efforts in that direction.

Trust is the major factor for ensuring a strong relationship between consumers and manufacturers/retailers. Consumers must be given assurance that whatever they are buying is of good quality.

Adding further, there are many gold jewellers who are now selling platinum rather than gold. However, the journey of shifting was not that easy. Initially, they started selling platinum jewellery pieces in combination with gold. The gradual shift to selling pure platinum becomes the next big step for these jewellers.

People at every small corner of the country are now getting to buy platinum. Those jewellery business owners who were selling gold in small towns are now also selling pure platinum jewellery too.

Who all buys platinum?

Mostly, young couples, brides to be and even men prefer to buy platinum jewellery. However, there is nothing called age-specific buying but the fact is that platinum jewellery is popular among all age groups.

Selling platinum jewellery requires patience at every stage. Keeping in mind the preferences of consumers is important during the manufacturing process itself. Marketing needs to be innovative. Products must be promoted in the right manner to attract more consumers. This is how the platinum jewellery business picked up the trend in the past few years. Finally, when the product reaches stores, it must be displayed well so that customers visiting the place notice the beauty of platinum pieces.

Digital marketing is a perfect advertising platform

Most of the buyers are younger and are digitally active. Digital advertising platforms have played an important role in promoting platinum jewellery.

Training programs 

The sales team must have a thorough knowledge of the product as well as consumers’ preferences. To ensure the same, there are extensive training programs conducted regularly to educate sales teams. Amateur

 

Mines to Market
the authorMines to Market
Prashant Rathod

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