Hyderabad: “India may achieve 20% to 25% growth in platinum jewellery sales during 2018. This year, we are expecting the total market for platinum jewellery to grow 20% to 25% more than 2017 at the retail level. At the same time, manufacturing demand will grow by 30% to 40%,” said Ms. Vaishali Banerjee, the Managing Director of Platinum Guild India Pvt. Ltd. (PGI).
She was talking to media persons on the concluding day of the 3rd Platinum Buyer Seller meet held in Hyderabad on 25th & 26th July, 2018.
Last year, India imported 7.2 tonne of platinum, an increase of 46% over the corresponding year-earlier period, said Ms. Banerjee.
“We saw double-digit growth in 2017. The outlook for 2018, is strong,” she said.
According to Ms. Banerjee, the demand for platinum jewellery during 2018 would be driven by young consumers, bridal wear and self purchases.
Stating a change in government rules for jewellery purchase like making PAN compulsory for buying jewellery, shocked the industry, she said. “After the regulatory shell-shocks, platinum sales has picked up speed to pre-2016 growth rates. India is on track to become a five lakh oz (ounces) market within the next four to five years.”
“Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India. The rarity of the metal, the designs inspired by global trends and the distinct emotional positioning of platinum makes it the preferred choice of millennials. The outlook for 2018, is strong given that both Platinum Love Bands and Platinum Evara are getting embedded in our culture and the business opportunity that platinum offers to retailers is incremental and sustainable.” said Ms. Banerjee.
Responding to a question asked by G2J, she said, “Platinum is not here to displace gold or other metals in the market as the world over platinum jewellery and other precious jewellery co-exist. Besides platinum is an extremely rare metal and therefore it will never be able to be on par with gold. 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. India’s consumption of gold is higher than the annual metal production for platinum.”
