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Platinum Jewelry Sales Rise in India

19 may 2014

Price volatility and a curb on gold imports have boosted sales of platinum jewelry in India, Rapaport reported citing the Times of India. The Indian jewelry market has witnessed a staggering growth of 41 percent in the sector for the 12 months through March 31, according to Indian Retail Trade Barometer research conducted by London based Platinum Guild International (PGI) to track consumer sales globally.
Indian men from upper middle classes, who are 25 to 40 years of age, are embracing platinum so much that men's jewelry today contributes to nearly 53 percent of the overall share of platinum jewelry sales. According to PGI, platinum jewelry's retail presence has grown significantly across 800-plus stores in India. In addition to metro markets, tier-I and tier-II cities also see potential in platinum jewelry.
Vaishali Banerjee, the country manager (India) of Platinum Guild International, said, "Platinum men's jewelry is a very new category and coming from a very low base, it is now seeing very high growth. There are a lot of inquiries for men's jewelry and retailers are seeing a lot of walk-ins and new buyers."
Banerjee added, "India is the fourth-largest platinum jewelry market in terms of consumption globally. This is first time that we have done the research and there is no data available for the total market size of platinum jewelry in India."
The last three to four years have witnessed strong growth of over 30 percent to 50 percent per year in consumer sales. About four tons was the offtake of platinum in India for last year as government-approved import figures and this makes India the fourth largest consumer after China, Japan and the U.S.
Even diamond jewelry manufacturers have shifted their focus to platinum-based jewelry, which accounted for almost 35 percent of the diamond jewelry sales in 2013.
Vijay Jain, the CEO of ORRA, said, "There is a phenomenal growth in platinum jewelry in India. Be it engagement rings, festive and jewelry purchases on auspicious occasions such as Diwali, platinum has become integral part of the purchase. Gold as it is known goes well with diamonds and it looks very elegant too."
Nicholas Graham Smith, the chief operating officer of PGI, said, "The Indian Retail Trade Barometer's results indicate very strong consumer desire for platinum jewelry. The Indian market is still relatively small in a global context, but has been growing at an exponential rate. The outlook for 2014 and beyond is also extremely positive."