Platinum Guild International (PGI^®) China unveiled an ambitious five-year plan to position platinum as the preferred business differentiator within the jewellery sector at the 2023 China Platinum Jewellery Summit in end-November 2023. 

Through programmes that target both consumers and trade partners, PGI aims to enhance consumer demand and awareness while garnering support and cooperation from partners and retail brands.

To achieve this, Ben Tan, who was appointed PGI’s director of Strategic and Consumer Marketing in August 2023, is strengthening the strategic positioning of platinum as the superior white metal. He is developing effective marketing plans for PGI to enhance awareness of platinum and is driving consumer demand through intensified educational initiatives. 

“Platinum is not just traditionally recognised as a symbol of love but also carries emotional significance. Through PGI’s efforts, consumers have become more knowledgeable about platinum. The purchase conversion rate of consumers with platinum knowledge is five times higher than those unfamiliar with the metal,” remarked Tan.

Growth segments

Platinum has become a modern symbol of love, particularly among younger consumers. Their unwavering belief in love mirrors the tenacity of platinum, witnessing an inseparable bond between platinum and exclusive partners. Tan said, “the goal is to inspire consumers to express love through little moments in life that define a fulfilling marriage.”

For the self-purchase segment, platinum is a robust metal that resists chemical corrosion and oxidation, even at high temperatures. Embodying tenacity, it empowers women to embrace their strength subtly, emboldened by platinum.

The authenticity and resilience of platinum also serve as a beacon for younger generations, including Gen Z consumers in China, to stay true to themselves amid challenges. Platinum encourages youths to make heartfelt decisions, enhancing the significance of their life choices.

Tan underscored the importance of effective communication and understanding consumer needs in bolstering platinum’s position in the market.

His department will continue to develop consumer-centric strategies and foster two-way cooperation with retailers and business partners. Retailers will also be provided with industry insights and resources to effectively convey the value of platinum and facilitate market growth.

Emotional resonance

Platinum's consumer appeal can also contribute significantly to topline growth since its emotional resonance, design flexibility, and responsible sourcing narrative align with current consumer trends and values, said Tan.

Growing interest from fashion brands and designers have likewise led to greater recognition and demand for platinum jewellery. PGI’s Platinum Spectrum exhibition during the summit featured several works, including the Pt Moment^® Collection from 2021 to 2023.

When it comes to responsible sourcing and Environmental, Social and Governance (ESG) matters, platinum's wide-ranging applications in fields like health, technology, aerospace and hydrogen energy demonstrate its versatility and sustainability. This aligns with the values of younger generations who are increasingly interested in sustainable and multi-purpose products.

“All these factors combine to make platinum a highly desirable material that resonates deeply with consumers. As such, it has strong potential for driving topline growth in the jewellery industry,” Tan said.

The Superior White Metal

Platinum also offers commercial advantages in the competitive jewellery market due to its superior malleability, toughness and natural pure white colour, making it an ideal choice for gemstone and gem-set jewellery, which are increasingly in demand. Its historical use by renowned international jewellery brands like Cartier, Van Cleef & Arpels and Bulgari further enhances its prestige. Tan emphasises that platinum's superior durability and lustre complement fine jewellery designs.

A recent survey pointed to growing awareness of platinum’s unique value in enhancing brand image and attracting younger consumers. Platinum not only rejuvenates brands but also offers consumers an unparalleled fresh experience. Its value therefore lies not just in its inherent substance but also in its capacity to offer innovative and unique choices to consumers, positively influencing the development of the entire jewellery industry.

Moreover, modern processes and technologies have revolutionised the use of platinum, showcasing its potential commercial advantages. Innovations such as 3D printing, hard platinum alloys and electroforming have transformed platinum usage, unlocking its commercial potential. These innovations allow for more flexibility and lighter weight in gem-set jewellery, facilitating a broader range of design possibilities. 

“We bring new innovation not just in terms of product and new ideas but also new ways of communicating such as B2B2C marketing assets where we work with retailers to reach and educate consumers on platinum’s novelty, which young consumers hold in high regard,” Tan added.

According to PGI, it has fulfilled its mission two years ahead of schedule. “PGI’s new five-year plan will bring platinum to the next level through many specific initiatives. From my perspective, the most important way to realise this ambition is establishing better connections and stronger communications with consumers so that platinum can be recognised and loved by more people,” Tan concluded.