Leaders of the platinum jewellery industry gathered in Shenzhen to attend Platinum Guild International (PGI®)’s two-day 2019 Platinum Jewellery Business Forum to discuss pressing issues crucial to the future development of the platinum jewellery market in China, included branding, marketing, innovation and design trends, with the aim of bringing more innovations to the platinum jewellery market to create “second wave” growth for platinum jewellery market in China.
Industry leaders and PGI® officials at the 2019 Platinum Jewellery Business Forum in Shenzhen
New platinum jewellery collections on display
Huw Daniel, CEO of PGI®
15 leading Chinese platinum jewellery manufacturers showcase their latest collections at the forum
International experts share their insights on platinum jewellery trends, and manufacturing and technical breakthroughs at the forum
Platinum Guild International (PGI®) hosted the 2019 Platinum Jewellery Business Forum on October 17 and 18 in Shenzhen. Attended by leading platinum jewellery retailers, manufacturers and mall operators, the event focused on in-depth exchanges on PGI®’s strategies, trends, branding and marketing initiatives and areas of cooperation to support China's platinum jewellery sector, the forum was well-received by industry professionals. Huw Daniel, CEO of PGI®; Pui P. Poon, managing director of PGI® China; and other luminaries graced the event, which aimed to bring more growth opportunities in the platinum jewellery business. Major jewellery retailers Chow Tai Fook Jewellery Group Ltd, Luk Fook Holdings (International) Ltd, Chow Sang Sang Holdings International Ltd, Zhejiang Mingr Jewellery Co Ltd, Shanghai Laofengxiang Co Ltd, Beijing Caishikou Department Store Co Ltd and Shenyang Cuihua Jewellery Co Ltd; representatives from jewellery manufacturers Shenzhen Bofook Jewellery Co Ltd, Shenzhen Kingli Jewellery Co Ltd, Longjia Jewellery Industry Co Ltd, Shenzhen Lingchen Jewellery Co Ltd, Shenzhen EDL Jewelry Co Ltd, Shenzhen Guanhua Jewelry Co Ltd, Shenzhen Ganlu Jewellery Co Ltd, Shenzhen Kaiheng Jewelry Industry Co Ltd, Shenzhen Xingguangda Jewelry Industrial Co Ltd, Shenzhen Y&M Jewelry Co Ltd, Shenzhen Boee Jewelry Co Ltd, Z-kin Jewellery Design & Shenzhen Swiky Jewellery Headgear Co Ltd; and retail partners Nanjing Central Emporium Mall, Wuhan World Trade Shopping Center, Wanda Shopping Mall, New-Mart Department Store and Liqun Department Store were also at the forum.
Mr. Daniel said in his speech, “It’s a challenging moment for the jewellery business in general. I’ve spoken to manufacturers and retailers in Japan, Europe, the US and India who said their businesses face difficulties in every market. But we are set for sustainable recovery. Businesses cannot advance by standing still. Only by working together, and sharing knowledge as well as successes and failures, can we be stronger. We’re here to inspire you to continue on this journey in partnership with one another.”
In His speech on “Macroeconomy Perspectives and Platinum Group Metal”, Stephen Forrest, executive chairman of SEA (Oxford) pointed out investors should grasp the opportunity arising from limited supply and continued demand growth. Frank Ni, Vice President of Anglo American, Precious Metals in China, talked about “Proactive Steps to Boost Platinum Group of Metals Demand” where he cited the rapid development of the light industry has further boost platinum demand, constituting to an energetic platinum market in the long run. Both experts are positive to the outlook of the platinum market.
Speaking about platinum jewellery consumer trends, Ye Han of Kantar Group China said China is the main force behind global luxury consumption, led by a new generation of buyers who purchase products using their own money and with help from their parents. Millennials value individuality hence they are willing to pay more for unique products, services and brands to showcase their personality. They also interpret love and commitment as something experiential, which translates to demand for diversified jewellery designs. In terms of market segments, self-purchases and gifting are additions to the bridal segments. The platinum sector needs innovative, eye-catching designs to attract the new generation.
Ms. Poon meanwhile revealed the company’s 2019-2020 strategic plan. “In the future, we will focus on the five P’s of marketing – product, price, promotion, place and people. We hope that with repeated practice, we can form a mature and viable success model, and create a ripple effect to inspire greater innovation in all aspects of the platinum jewellery market,” noted Ms. Poon.
PGI® China’s Strategic Planning Director Grace He talked about “PGI® China’s New Brand Architecture and Applications.” PGI® aims to launch a new brand positioning with a robust framework borrowing best practices in rapid innovation from technological industries. The framework will be data- and consumer-centric. This means segmenting and refining consumption occasions using detailed consumer profiling for practical execution. PGI® will reposition the function, value and meaning of luxury and high-end jewellery products, including platinum. In doing so, it endowed platinum with a fresh appeal to multiple market segments. To further enhance its extraordinary brand image and attract younger consumers. The new thematic campaign, Live Your Authentic Decision, with Platinum, is a multidimensional innovations in brand positioning, marketing and design technology to help strategic partners advance their businesses and increase platinum sales.
Rajesh Rajendran, Trade Marketing and Development director of PGI® India, shared positive results in India’s platinum jewellery market, noting that platinum is the highest performing product category in the last four years. With support from millennials and higher margins for Indian jewellers, demand for platinum products is expected to grow. Nancy Wong, executive director and deputy CEO of Lukfook; Zihan Wang, deputy general manager of Wuhan Xinjin Jewellery; and Yang Yang, executive deputy general manager of Shenyang Cuihua Jewellery meanwhile talked about brand innovation and future developments and opportunities in the industry.
To achieve the maximisation of value, multi-dimensional innovations and collaboration within industry chain are needed
On the second day of the forum, leading jewellery brands displayed their latest and most exqusite pieces at off-site booths during the Platinum Jewellery Industry Exhibition.
Using intelligent holographic imaging devices, which touched upon the traditional and modern appeal of platinum, a 3D visual feast was created to further elevate the beauty of platinum jewellery. It is worth mentioning that PGI®, together with shopping malls and jewellery brands, jointly organised the Eternal Platinum Love campaign, which attracted 300,000 participants. The event promoted developments and closer exchanges in the platinum market.
At the Platinum Jewellery Technical Forum, industry professionals shared their insights on platinum design and casting production. Ruth Marshall-Johnson, Director of Advisory Service, talked about platinum jewellery design trends in the Chinese market; Tai Wong, Business Development director of PGI®, outlined designs for the self-purchase market; Ning Xian, founder of Dimai Company, talked about 3D printing enabled platinum designs; Kathrin Schoenke of KNS Platinum Solutions; Klaus Wiesner, a metal casting expert from the German Chamber of Commerce; and Doctor Baohong Gao of Heraeus Ltd Hong Kong also spoke about various topics from manufacturing excellence to alloy developments.
Acceleration and transformation
The Chinese market is experiencing a fundamental strategic transformation. The younger generation is rising to become the most important jewellery consumer. With influence from new media and distribution channels, the platinum jewellery business is also changing.
Thinking out of the box and transforming from a production-centric to a consumer-centric business model are keys to achieving success in the platinum jewellery market.
Through the forum, PGI® aims to provide a strong platform to support new products, facilitate technological innovation, and help strategic partners transform their businesses and continuously gain market share through multipronged brand repositioning, marketing, occasion-building and design technology.
PGI®, together with platinum industry leaders, will provide more development opportunities for China’s platinum sector, lead the market and help restore industry confidence.