India is also going the China way as far as platinum demand is concerned. Till now, platinum was not a very attractive option for Indian women and men looking for new jewellery.
But that trend is changing now. More and more people are now attracted to platinum as the gold prices have touched an all time high and the modern women of India want a new look to their jewellery.
So, people coming to the jewellery shops have now started asking for platinum jewellery also, which was not the case earlier.
India used to be a totally gold oriented jewellery market with over 90% people buying gold jewellery. Traditionally, Indian families go for gold.
But, now people want a different look when they pick up jewellery. So they go for platinum. Platinum looks different, looks cool and goes well with diamonds, that is the feeling most of Indians in the cities.
The precious metal is in growing demand, especially in rings or as setting for solitaires. The price of a platinum ring starts approximately at Rs 15,000.
The demand for platinum jewellery has been going up in the past three years at the rate of 15 to 20 per cent annually. Rings are most in demand, followed by pendants and earrings. More than platinum alone, the combination of platinum with diamonds is a popular pick these days.
The efforts of the Platinum Guild of India have created awareness about the metal.
Traditionally Indians favour the yellow metal. Also many would shy away from platinum because they were apprehensive that it would be mistaken for silver.
The platinum demand is mostly from the 20-40 age group, those who are well travelled and aware of trends abroad.