@ADKPiper sums up my thoughts perfectly with the above image. There is a marked difference between quality and premium. Quality can be described, measured and assigned mathematical tolerances to describe its existence, i.e. Egyptian Per Cal bed sheets. How the sheets were manufactured, the type of QC used, etc can all help define the "quality" of sheets.
Quality is also reproducible and can be copied as it is the end result of a road map of various processes and manufacturing techniques and QC.
Premium is pure marketing.
It is whatever you want it to be.
When I see the word Premium, I put my wallet back into my pocket.