Kolkata: Platinum imports into India are set to rise this year as its prices have declined steeply relative to gold, fuelling an increase in demand for the precious metal globally used for encasing diamond jewellery.
Imports may climb up to 18 per cent to 7.08 tonnes this year as platinum has become cheaper by Rs 8,090 per 10 gm in comparison with gold, said Vaishali Banerjee, MD, India, Platinum Guild International (PGI).
“Imports were at 6 tonnes in 2018,” Banerjee said.
The PGI India chief said that the consumers buy platinum jewellery to mark significant emotional milestones in their lives. The rarity of the metal and availability of internationally inspired designs have influenced purchasing decisions for both women and men.
Platinum is currently priced at Rs 24,490 per 10 gm.
Jewellers also said that platinum sales are rather brisk this year. “With increased awareness, platinum today ensures younger walk-ins at our showrooms. We plan to take platinum along as we expand into tier 2 and tier 3 cities,” said MD of GRT Jewellers India, GR Ananthapadmanabhan.
GR Radhakrishnan, the other MD at GRT Jewellers India, said, “Apart from rings and bands, the demand for men’s jewellery in platinum has been growing consistently, making it one of our incremental lines of business today. We expect the platinum category to grow in the coming years.”
“There is an increased awareness about and desire to own platinum beyond just urban cities,” said Rajesh Kalyanaraman, executive director, Kalyan Jewellers.
