Platinum jubilation

The eternal metal is connecting with more Indians today

They say that if a diamond is forever, platinum is eternal. Perhaps that's one of the reasons why the Koh-i-noor diamond was originally set in the sparkling white precious metal.

Urban and young Indians are now favouring platinum's understated elegance over traditional gold, especially when it comes to everyday, wearable pieces.

In terms of sheer volume, gold will continue to hog the limelight. But platinum is slowly nudging a space in a lady's collection with smaller pieces like rings and earrings.

"Diamond-studded engagement rings and plain wedding bands in platinum are becoming the rage today. Platinum pieces are being picked up for occasions that have an emotional connection," says a Mumbai-based jeweller.

As Indians become more global in their approach, the desire to be seen wearing contemporary accessories is also increasing. It's a growing trend where designer and lifestyle brands are all looking at doing roaring business in the country.

Coupled with rising incomes, the urbanised, working Indian woman is picking up a more elegant expression of her individuality instead of the loud yellow metal.

Women are also becoming more experimental, looking for accessories that are minimalistic "" they don't want to be restricted by the boundaries of traditional designs.

"We have been seeing platinum slowly become an integral part of the Indian ethos," says Vijay Jain, chief executive officer, Orra & Intergold, jewellery manufacturers and retailers.

Orra, like many other Indian jewellers, started showcasing platinum jewellery in 2001 when it was launched in India and has seen a 25 per cent annual value growth in sales of platinum jewellery pieces at its stores.

Jain says that though the purchase trend is largely urban- centric, even smaller cities like Rajkot have received the metal well. "It shows that there is a significant shift in terms of awareness as well as acceptance for the metal," he says.

"The target audience that we address is very taken in by precious metals as well as precious jewellery. It's a metal that is so much more contemporary and stylish, and it reeks of sophistication," says Vaishali Banerjee, country manager, Platinum Guild International (India).

PGI has been running campaigns across major cities to promote platinum along with the retail outlets it partners with. From 12-14 stores in 2000, today platinum jewellery is being sold in 235 outlets across India.

Adds Banerjee, "Understanding platinum also requires consumers to understand the value of the metal. Once that awareness increases, people will begin to buy more."

Here are some facts about the metal that is 30 times rarer than gold and 95 per cent pure even when studded with diamonds. Compared to platinum, 18 karat gold is 75 per cent pure.

Platinum can be adapted to any design and is more resilient than other precious metals as well. Also, unlike other precious metals it doesn't wear and tear.

A scratch on the surface is just displacement of its volume and not a reduction. And it's two to three times the price of gold. Because of its colour, it is better suited to reflect the sparkle of diamonds.

If you're one to worry about value, make sure you're buying your piece of platinum at PGI authorised outlets, which will have separate counters and sell pieces that are hallmarked and certified for purity.

Most retailers fix the price of pieces based on the same standard as gold jewellery and have a similar buyback policy. Also, you will be forgiven for asking about the difference between white gold and platinum, PGI has ensured that people manning the counters are able to explain the distinction.

Today, even traditional jewellers say that they are excited about platinum because consumers are walking in and asking for the metal upfront.

And the profile of customers is changing to a more middle class customer. "All this will lead to more variety and design being available in the market," says Jain. For a country used to consuming over 800 tonnes of gold, that might be a welcome change.