Indian grooms are opting for platinum jewellery instead of gold for their big day

Young urban grooms in India are increasingly choosing platinum jewellery over gold, providing relief to the bride’s family amidst rising gold prices. The trend is driven by the preference for thin platinum chains with stylish designs

Mumbai: Young urban grooms in India are increasingly opting for platinum jewellery instead of gold, providing some relief to the bride’s family amidst soaring gold prices. Gold prices have crossed Rs 61,000 for 10 grams while platinum is currently trading at around Rs 25,000 per 10 gm. According to an Economic Times report, platinum jewellery has become the favoured choice for young men, who now prefer thin platinum chains with stylish designs.

Historically in India, it’s customary for the bride’s family to present jewellery to the groom as part of the wedding tradition. This trend for platinum jewellery is gaining popularity across the country, with a 25-30% growth in the men’s platinum jewellery category this festive season, according to Joy Alukkas, Chairman and MD, Joyalukkas.

The trend is expected to continue throughout the marriage season, which extends until March, as Indian grooms continue to show interest in purchasing platinum jewellery. To further promote the trend, cricketer Surya Kumar Yadav has been appointed as the face of men’s platinum jewellery by Platinum Guild International. This has contributed to the success of partner retailers during this year’s festive season, according to Vaishali Banerjee, MD India, Platinum Guild International.

Interestingly, even men residing outside major cities in India are showing interest in platinum jewellery, especially in bracelets and chains priced below Rs 2 lakh. This price range allows them to avoid the requirement of furnishing a PAN (income tax permanent account number), which is mandatory for purchases exceeding Rs 2 lakh.

Saurabh Gadgil, Chairman, PNG Jewellers, which operates 42 outlets in Maharashtra and Goa, highlighted the fascination of the younger generation with platinum designs and their preference for the metal over gold. This festive season, platinum jewellery sales witnessed a 25% growth at PNG Jewellers.

Young men are considering gold more as an investment instrument, such as through gold exchange-traded funds and sovereign gold bonds, rather than as physical adornments. However, the making charges for platinum jewellery is high, points out Sanjay Banka, CFO, Senco Gold & Diamonds.

According to Gadgil, due to its durable nature, platinum necessitates high-temperature melting compared to the malleability of gold. Consequently, crafting platinum jewelry involves higher making charges. Despite this, the cost of a piece of platinum jewellery is relatively lower than that of gold.

Courtesy: The Economic Times and The Times of India