Kolkata (BBN)-As platinum becomes cheaper than gold, demand for platinum jewellery is zooming in the Indian market.
Platinum jewellery retailers said that in February and March, demand shot up 40-50% and this trend is likely to continue in the upcoming wedding season that kicks off next month, reports The EconomicTimes.
Platinum price is currently hovering around Rs 26,300 per 10 gm as compared to gold price of Rs 26,600 per 10 gm.
In the international market, platinum was trading at $1,150 an ounce as compared to the gold price of $1,183 an ounce.
"There are two factors that are driving the platinum jewellery demand in India. First of all, Platinum Guild India has launched wedding collection in platinum under the brand name Evara, which has given more choice to urban young India. Secondly, a drop in prices has further fuelled demand in the market," said Kalpanik Choksi, director of Ishwarlal Harjivandas Jewellers, Ahmedabad.
Retailers said younger clients are educated, net savvy and aware of global trends.
Platinum is being viewed as the next generation metal.
Young Indians are seeking options in jewellery metals and designs, and are willing to experiment with new styles.
BBN/SK/AD-24Mar15-11:30am (BST)