Platinum jewellery demand picking up in metro cities as gold turns pricier

KOLKATA: Demand for platinum jewellery has picked up across the country’s large metros, fuelling optimism that sales of ornaments made of the rare metal in the December quarter will match last year’s levels despite the pandemic-led slowdown. The price of platinum has been falling since the beginning of 2020 and is now cheaper than gold by 44.19 per cent. This price difference is expected to drive demand among millennials this festive season, jewellers said. In India, platinum is hovering around Rs 29,210 per 10 gm, while gold has once again crossed the Rs 50,000 per 10 gm mark and is available at Rs 52,341 per 10 gm at jewellery stores.“If there is no disruption in economic activities due to rising Covid cases, then we are expecting 100 per cent recovery in demand in October-December quarter,” Platinum Guild International’s India chief Vaishali Banerjee said. “A new range of platinum jewellery has also been introduced by us in the price range of Rs 20,000- Rs 1 lakh, which will drive the demand of this rare metal this festive season.”Demand for platinum jewellery has picked up in Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bengaluru and Pune. Banerjee said, “A month ago, the demand for platinum jewellery was less in metros and urban areas. The metal was alluring buyers in tier 2 and 3 cities. But from the beginning of October, we are seeing demand picking up in the big cities and metros.”According to jewellers,“Sales in the first half of the year were muted. Now with the festive season and unlock happening , it should go back to last year’s level for everyone,” said Suvankar Sen, CEO, Senco Gold and Diamonds. “Platinum’s price is much less than gold. The rarity and preciousness of platinum will yield more value for the consumers. Platinum goes well with diamonds.”According to Sen, platinum is drawing gen X and Y also. “Platinum jewellery suits the budget and affordability of customers, which is why it will attract consumers this festive season in the midst of this pandemic.”Platinum prices have slumped in recent years due to lower industrial demand.Dipu Mehta, managing director, Orra, said, “For us, sales in September were good. October too, has opened on a decent note. If there is no further lockdown or any disruption in economic activities due to rising Covid cases, then October-December quarter will be as good as the same quarter last year. Lightweight platinum jewellery in the price range of Rs 20,000- 50,000 is selling well.”
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