Mumbai: As platinum becomes cheaper than gold, demand for platinum jewellery is zooming in the Indian market. Platinum jewellery retailers said that in February and March, demand shot up 40-50% and this trend is likely to continue in the upcoming wedding season that kicks off next month.
Platinum price is currently hovering around Rs 26,300 per 10 gm as compared to gold price of Rs 26,600 per 10 gm. In the international market, platinum was trading at $1,150 an ounce as compared to the gold price of Rs 26,600 per 10 gm. In the international market, platinum was trading at $1,150 an ounce as compared to the gold price of $1,183 an ounce.
Retailers said younger clients are educated, net savvy and aware of global trends. Platinum is being viewed as the next generation metal. Young Indians are seeking options in jewellery metals and designs, and are willing to experiment with new styles.
Samir Sagar, director of Mumbai-based Manubhai Jewellers feels the price is not the lone factor for driving platinum demand in India. “Earlier, customers had the option of only platinum love bands and rings and other small items. Now with the Evara range, there is more choice for Indian customers. We have seen very good growth in the past two to three months in platinum jewellery,” he said.
Among women in the 35-40 years age group, platinum jewellery is now seen as a mark of economic stability for the present and future.