Platinum gains currency

Platinum jewellery is gradually developing a niche in the Indian wedding jewellery segment, which dominates jewellery purchases in the country. The white metal is growing at 30 per cent in India with demand for wedding and engagement rings and pendants from the consumers.

The signs are more visible in South India, known for its penchant for gold jewellery, where the customers are demanding platinum mangalsutras. Platinum Guild International, an organisation that promotes platinum, introduced the white metal in India in the non-bridal segment. Vaishali Banerjee, manger, Platinum Guild India, said, " Though initially we focused on non-bridal promotions, the Indian market is now maturing towards wedding and engagement rings, pendants and even mangalsutras made in platinum."

Earlier rings comprised 40 per cent of the platinum jewellery sales in India.

The number has now scalled up to 60 per cent with wedding and engagement rings gaining popularity. This year the jewellery brand Orra targeted the engagement market for platinum jewellery. Vijay Jain, CEO, Orra, said, " Platinum is gradually becoming an integral part of the jewellery purchase and is attracting the non-resident Indians as well.

The brand's maiden attempt to tap the engagement segment has received good response with a 50-55 per cent growth for the season over last year."

Globally China is the largest market for platinum while historically Japan is considered as an evolved market. The white metal is growing at more than 30 per cent in India since last two years. "Chennai is the largest market in terms of percentage growth, cutting across price segments. Mumbai and Kolkata are the other two strong markets while Pune and Kerala have emerged as surprise markets," said Banerjee.

Nilanjan Sen, manager, Kolkata-based B C Sen Jewellers, says, "Earlier platinum was confused with white gold but now the customers are more educated and evolved. There is an uptake for bigger ornaments with an average ticket price of Rs 15,000 and above."

Banerjee mentioned that apart from fashion and bridal jewellery, platinum market is also inclining towards astrological rings studded with gemstones. She said, " The India is still at a nascent stage, but has a long term growth potential. Though PGI plans to cash on the growth by making platinum available in more stores, we intend to maintain its niche in the Indian market."