Platinum is currently trading around ‘25,000 per 10 gm.
In India, traditionally, the bride’s family gifts jewellery to the groom during the wedding.
“The trend of wearing heavy gold chains by Indian men is changing and they are now looking for thin platinum chains with good designs. To them, platinum is a special metal rather than gold,” said Joy Alukkas, chairman of the retail jewellery chain Joyalukkas. “And this trend is picking up all over India. We have witnessed 25-30% growth in the men’s platinum jewellery category this festive season.”
The jeweller, which has 100 showrooms in India, added that the trend of purchasing platinum jewellery by Indian grooms will continue through the entire marriage season through March.
Cricketer Surya Kumar Yadav has been roped in by Platinum Guild International as the face of men’s platinum jewellery, said Vaishali Banerjee, managing director, India, at the organisation promoting platinum jewellery. “That too has helped our partner retailers to clock good growth during this year’s festive season,” she said.One interesting trend the trade has started witnessing is that Indian men outside the big cities are also taking interest in platinum. Bracelets and chains which are priced below ‘2 lakh are mostly popular among them, thus avoiding the need to furnish PAN (income tax permanent account number). PAN is required to buy anything which is priced ‘2 lakh and above.”The young generation is fascinated by the platinum designs. So, they prefer platinum. Also, we see that a certain section of the young crowd is not always like the sheen of gold,” said Saurabh Gadgil, chairman of PNG Jewellers, which has 42 outlets in Maharashtra and Goa. “We have seen 25% growth in platinum jewellery this festive season.”
According to trade sources, young men are looking at gold as an investment instrument like gold exchange-traded funds and sovereign gold bond, rather than wearing them physically.
However, the making charge of platinum jewellery is high, said Sanjay Banka, chief financial officer of Senco Gold & Diamonds. Explained Gadgil: “Since platinum is a hard metal, it has to be melted at high temperature, unlike gold which is malleable. That is why the making charge is high. However, still, a piece of platinum jewellery is cheaper than gold.”
