Platinum jewellery demand grows amongst consumers

India, a country where gold typically is the preferred metal for jewellery since decades, is witnessing a growth in platinum jewellery demand, which seems to be overriding gold jewellery preference, reports say. Jewellers have noted a 40-50 increase in platinum jewellery sales in February-March this year, and they expect this growth to continue into the wedding season, reports say.

Jewellers attribute this increased preference to platinum to various factors. Platinum commands a high price, but the recent drop in prices – in Indian markets platinum prices stood at Rs 26,300 per 10 gm, while in international markets it is $1,150 an ounce. Gold prices are at Rs 26,600 per 10 gm in India and around at $1,183 an ounce in the international markets. Also, consumers, especially the young segment has taken an affinity to platinum jewellery, as they have an exposure to international trends in jewellery and design. A new wedding collection by Platinum Guild India entitled – Evara has added to consumer choices in selecting wedding jewellery, and taking platinum jewellery beyond just wedding bands, reports say. Platinum jewellery commands an appeal as a rare precious metal and one that delivers a design appeal for the more contemporary jewellery consumers.