MUMBAI: Indian men are adorning exclusive jewellery, poised to connect with their creative and aesthetic side. They flaunt their passion for jewellery, making India, the third biggest jewellery market for men's luxury accessories. Recently, Platinum Guild International conducted a survey in Chennai, Ahmedabad, Bangalore and Delhi to comprehend the men's jewellery market and acquire a deeper understanding of their lifestyle and mindset, the attitude towards jewellery, along with the triggers and habits of purchasing and wearing jewellery.
TARGET AUDIENCE & UNDERSTANDING:
The survey was conducted amongst a mini focus group which included men in the of SEC A group - 25-31 & 33- 40 yrs.; combination of Salaried & Businessmen for an understanding of different spending habits and mind-sets and of course men, who wear jewellery (chain / bracelet) as daily accessory.
- Young Customers - Age Group - 25-31 yrs.
- Older Customers - Age Group - 33- 45 yrs.
Common Factor: Both age groups are looking for more financial security leading to an increase in jewellery buying sentiments.
As per the survey, investment purchase in precious metals is prevalent across age groups. Delhi, Bangalore and Chennai ranked at the top as the consumers in these cities buy more jewellery. In the state of Gujarat, men are more inclined to buy coins, biscuits and then jewellery with greater frequency.
The desire to wear jewellery exits in the markets and its acceptance related to natural progression of life. Consumer initiation to jewellery occurred at different stages, Chennai followed by Bangalore are markets where the influence in childhood is dominant, while across centers young men wearing jewellery is identified as a symbol of declaring adulthood. In the North market the consumer characteristic towards jewellery showed a strong desire to project independent purchase power.
An eye opener in the survey data was that men start adorning jewellery much early in life. In the beginning, parents make the child wear small yet noticeable jewellery. Gifting jewellery to a child is a common practice and of course the exposure to jewellery is further enhanced, while accompanying the family for jewellery shopping. Eventually young men consider wearing jewellery as a symbol of adulthood, this as a trend was very noticeable in Delhi. Peers and celebrity influence the designs and size of the pieces. As one becomes financially independent, owning a piece of jewellery is considered a mark of success and establishes the man's self-purchasing power.
MEN ARE CHOOSING PLATINUM:
The desire to purchase and wear platinum was fuelled by need to flaunt and be the first amongst peers. Platinum is seen as new metal and thus completes the emotional appeal of being unique. Occasions led acquisition to wearing platinum happens during special celebrations like wedding and also during festivals.
The research study reveals that gold and platinum operate in two operate very distinct spaces - while gold is perceived to be traditional, time tested and common, platinum is thought to be modern, unique in design and an eternal symbol of success and style. The highlights in the survey also state that the metal is associated with purity and durability. In addition it is a highly precious and valuable metal and therefore satisfies the price and value consideration; and offers the wearer exclusivity.
Vaishali Banerjee, Country Manager India, Platinum Guild International said, "High involvement in jewellery purchases, research on designs, trends, etc. prove that today's man is at ease when indulging in jewellery. Quality time is spent on evaluating the highest quality hallmarked jewellery that is of great value and offers differentiated designs."
She further added, "Through the ages, the most discerning of men have preferred platinum when it came to their jewellery. Young men today are not only looking at bands in platinum, but are also taking to platinum chains, and bracelets. The look of platinum and its weight appeals to men as it is understated, yet sophisticated and elegant and those who own it are considered ahead of the curve. Platinum is a very dense metal and has inherent strength that can be sculpted into unique designs. It appeals to the man's sense of practicality as the metal can withstand the rigors of daily wear."
Vijay Jain, CEO, ORRA says, "Indian consumer's especially modern successful men are full of confidence in their own ability to achieve their dreams. The platinum range is reflective of their global outlook and style quotient. They are at ease when indulging in jewellery to enhance their style quotient, making a definitive statement. The heft and weight of the naturally white metal platinum can make for a substantive piece of jewellery without signs of being ostentatious and it's the choice of this generation."
Platinum jewellery in India includes designs themes from the trends forecasted by WGSN, a worldwide leader in design trends. Taking inspiration from the key design hook of 'Digital fantasy', the men's range has captured futuristic, modern and brave new shapes, structural and engineered designs, which stand the test of time. Each piece highlights the texture and glory of platinum - matt and satin combination finishes and designs like dual finish knots or box links have been crafted keeping in mind the discerning urban man.
Triggers for jewellery -
- Early socialisation into the category
- Worn on special occasions - early habit formation
- Occasion led purchase - jewellery is bought during special occasions
- Wedding, birthdays, anniversaries, festivals
- Auspicious occasions - Akshay Tritiya, Dhanteras, Diwali, Guru Pushyanakshatra
- Gifting jewellery
- On weddings is seen to be a social norm
- Gifted chains and rings on their wedding
- Worn for astrological reasons- birth stones, rudraksh
Triggers for platinum jewellery in particular
- Socially, platinum is bought and worn
- Proof of modernity and style. To portray a certain class and status
- Fit in with a certain peer crowd
- Design is a key motivator; he is always seeking variety and exclusivity
- Celebrity drive desire for specific designs
Found in very few places around the world, platinum is 30 times rarer than gold due to which it can never displace gold or other precious metals. Besides platinum mined itself is not that much as it's a very precious and rare metal and therefore is considered premium and an excellent store of value.
PLATINUM RETAIL IN INDIA
No. of stores: From 2 manufactures and 15 retailers in 2000, the industry has today grown to 15 manufacturers and over 860 retailers.
Key markets for Men's platinum jewellery: Mumbai, Ahmedabad, Baroda, Pune, Kolkata, Chennai, Bangalore, Hyderabad, Cochin
Top 5 retailers for Men's platinum jewellery: Malabar Gold & Diamonds, Joyalukkas, TBZ - The Original, ORRA, GRT Jewellers
In order to assure consumers of the purity of platinum jewellery, Platinum Guild India Pvt. Ltd. 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.
About Platinum Guild International: Founded in the year 1975, Platinum Guild International (PGI) is dedicated to promoting platinum jewellery to the consumers and the jewellery trade worldwide. Headquartered in London, PGI has been providing support to the world's major jewellery markets for over 35 years. The India office was set up in September 2000 and runs a comprehensive marketing programme to build desire for platinum jewellery in India. Also provides platinum Retail Sales Training and conducts a unique Quality Assurance programme to ensure quality and purity of platinum jewellery amongst consumers and trade.
Primary Media Contact : Divya Dulani, email@example.com, 91-98-20181558