The demand for platinum jewelery is growing in the Indian market due to the fact that this precious metal is becoming cheaper than gold, local media reported. According to Indian retailers, demand for platinum jewelery has risen 20-25% in February and March this year, and this trend is likely to continue next month when the country begins the wedding season.
At the moment, the price of platinum is at $ 425.19 for 10 grams of metal, and the price of gold is $ 430 for 10 grams. At the same time, in the international market, platinum is trading at $ 1,150 per ounce, compared with $ 1,183 per ounce of gold.
Local retailers also argue that younger clients are educated, legible and aware of global trends. Platinum is considered to be the next generation metal. Young Indians are looking for new opportunities in design and jewelry metals, and are ready to go to experiments.
Samir Sagar of Manubhai Jewellers believes that price is not the determining factor in the growth in demand for platinum in India. "Previously, buyers could choose only platinum bracelets and rings and some other small ornaments.Now, thanks to a number of products from Evara, they have the opportunity to choose.We have been seeing a steady increase in demand for platinum jewelry in the last two or three months," concluded he.