Platinum is beating gold in the jewellery race
There was a time when gold and silver topped the list of jewellery options for Indians. But now, there is growing interest in platinum, diamond and antique jewellery. The market for these has seen a tremendous jump and Indian consumers are lapping up the new designs. Let’s take a look at the platinum jewellery market and what fuels the huge demand.
A precious metal, platinum is widely used in creating jewellery usually as a 90-95 per cent alloy because of its inertness. Known for its rarity, purity and versatility, platinum makes for beautiful and exquisite earrings, bracelets, neck pieces and rings. It is fast replacing gold in engagement rings as most couples prefer platinum to the more traditional gold.
In India, the platinum jewellery market has seen a record 80% growth during a short span of two years—ample proof of the fact that Indians are fast warming up to this new metal. Industry watchers say that the demand for platinum jewellery is now on par with gold as the number of platinum jewellery shops have doubled in a period of just five years. In 2009 only 358 stores in India sold platinum pieces. It has been growing since and in 2015 that number is expected to touch 1,100.
While jewellers are aggressively promoting platinum, the main reason for people opting for platinum or diamond jewellery is the rising prices of gold. Indian consumers are not able to meet up with soaring gold prices, especially during festivities like Dhanteras and Diwali. They find it more economical to shell out a decent sum to purchase white gold, diamond or platinum. Gold’s sky-rocketing prices have also knocked it from its position as the “best and safest investment”. The Indian customer is fast changing his opinion about gold and has started considering platinum/diamond as a better investment.
Another major contributor to the soaring interest in platinum jewellery is the young, urban generation. Young people, both men and women, are fast moving away from traditional gold items and are attracted to trendy designs in platinum and diamond. Industry insiders attribute this phenomenon to higher salary levels, which makes platinum for accessible to budding professionals. Young Indian consumers also have a good knowledge of the jewellery market and tend to research well, so that they are well aware of how and where to invest their money wisely.
Thanks to these, in 2014 the platinum jewellery industry saw a sales growth of nearly 28 per cent. India is projected to become the single largest market for platinum jewellery in the coming years, with US and China following close. So what are you waiting for? Head out to your nearest jewellery store and buy lovely platinum jewellery of your choice.