Platinum jewelry purchase has outpaced gold during the initial two months of the current fiscal year.
The platinum jewelry sales during April to May this year surged higher by 30% over the previous year. The strong growth in sales was primarily driven by sharp plunge in platinum prices relative to gold and growing demand for bridal jewelry and chains.
Analyzing the jewelry buying pattern by Indian customer over the recent years, industry participants note that platinum jewelry has managed to gain prominence. The men’s jewelry segment has witnessed tremendous growth. Platinum chains have turned out to be hot favorite among Indian men population. The exclusive new range of trendy designs in bridal jewelry collection has also contributed to the spurt in sales. The recently launched ‘Evara’ wedding jewelry collection has become immensely popular among Indian youth.
Most importantly, prices of platinum have fallen below gold. The declining price trend has attracted Indian households towards white gold sheen of platinum. Incidentally, platinum is currently priced at around Rs 27,000 per 10 grams, lower when compared with gold prices at nearly Rs 27,400 per 10 grams.
Platinum jewelry has witnessed increased acceptance in traditionally conservative eastern Indian markets. The demand for platinum is expected to accelerate further during the year. The upcoming wedding season demand in the country is expected to take platinum jewelry purchases to new heights.
Meantime, recent report published by the Platinum Guild International (PGI) predicts 25% surge in Indian platinum jewelry sales as against the projected global demand growth of 2.3% in 2015. The report based on survey predicts 7% expansion in platinum jewelry sales in the United States. The Japanese retail platinum jewelry market is likely to grow marginally by 1%, whereas Chinese growth may remain flat during the year.