LT: Platinum becoming popular in India, slowly but steadily
Kolkata, Feb 15 : Indians, known for their craving for gold, are now looking at platinum jewelleries with equal enthusiasm, opening market for the elegant and exquisite shining white metal slowly but steadily.
"For platinum, India is an established market, particularly the southern region, where Chennai and Bangalore are the two most important markets. There are around 300 stores at present in India which keep platinum jewelleries," Vaishali Banerjee, Manager-India of Platinum Guild India Pvt. Ltd, told IANS.
Talking about the domestic market, she said since platinum is rarer than gold, it is more expensive but the consumer response is positive. Platinum price hovers around Rs.2,700 per gram.
Banerjee said most of the metal is imported from South Africa. "Around 75 percent of platinum originally comes from that region."
She said the company is going all out to popularise the rare metal in the country.
"It is our mission to provide customers with 100 percent hallmark platinum. This will help us to create awareness, knowledge and desire for the metal," Banerjee said.
Subir Sen, Director of B.C. Sen Jewellers, told IANS: "The demand for platinum is gradually increasing in India. Awareness about platinum is increasing and it is becoming more regularised. It is a strong metal and diamond goes very well with it. Hence it is used more for diamond-studded jewelleries."
Sen, whose outlet has three stores in the city that have been selling platinum jewellery for the last seven-eight years, said: "Enquiries regarding platinum jewelleries have definitely gone up in the last four-five years."
Asked about his expectation from the market in the next couple of years, Sen said: "Sales will definitely go up but the metal has still miles to go in the Indian market compared to gold."
Platinum, a very hard metal, comprises 2-3 percent of the total jewellery market in the country, he said, adding rhodium polished gold is doing good business in India.
"The platinum market is still at the nascent stage and is yet to catch the imagination of Indian customers. Awareness regarding white metals is growing," Pankaj Parekh, regional chairman of the Gem and Jewellery Exports Promotion Council, told IANS.
"The mindset to use white metals is yet to develop in the Indian market," he said, adding, "Most people opt for white gold as it is much cheaper than platinum."
