With platinum prices down by Rs 46,000 per 10 gm as compared to gold, leading jewellery players in the country are expecting robust sales of jewellery made out of the noble metal on Akshaya Tritiya, which is only two days away. Akshay Tritiya, which falls on May 10 this year, is regarded as an auspicious day to the Hindus, who prefer to buy precious metal on the day to bring prosperity to the home.
The price of platinum today is hovering around Rs 25,790 per 10 gm, while the price of gold in the spot market is Rs 71,775 per 10 gm. There is a Goods & Services Tax (GST) over and above this price.
Platinum prices have witnessed an upward rise in the last five years, with prices reaching the highest in 2021. In 2019, 10 gm of platinum was Rs 22730. In 2021, it went up to Rs 30,530 per 10 gm. But then again it dropped and it is hovering around Rs 25,790 – Rs 26,000 per 10 gm, thus widening the gap between platinum and gold.
Rajesh Kalyanaraman, Executive Director of Kalyan Jewellers said, “At Kalyan Jewellers, we prioritize offering a diverse range of jewellery designs across various categories to meet the evolving preferences of our customers. During auspicious occasions like Akshaya Tritiya, platinum jewellery takes centre stage as people consider it an opportune time to purchase precious jewellery. With a positive outlook, we are confident that this year too, consumers will find a variety of dynamic platinum jewellery designs at varied price points to celebrate the occasion in style.”
Joy Alukkas, Chairman and Managing Director of another South India-based jewellery retail chain Joyalukkas India added "Synonymous with wealth, fortune, and prosperity, Akshaya Tritiya is an auspicious occasion for purchasing precious jewellery. The combination of platinum's natural white and intricate designs makes it an ideal option for this festival. As consumers seek to purchase precious jewellery to mark this occasion, jewellery crafted from metal as rare and precious as platinum is a fitting choice to celebrate the festival."
Platinum jewellery has gathered momentum in the price-sensitive eastern India market. Suvankar Sen, CEO and managing director of Senco Gold & Diamonds remarked, “Over the years, platinum has emerged as the metal of choice amongst the younger generation due to the metal’s rarity, purity, and innate strength. At Senco, we offer a variety of options across the realm of platinum jewellery for women and men that cater to varied style preferences, as our consumers look to purchase precious jewellery to celebrate the auspicious occasion of Akshaya Tritiya.”
This year consumers looking to commemorate Akshaya Tritiya with platinum jewellery have a diverse range to choose from. Options include contemporary pieces for women like Platinum Evara, unique statement jewellery for men under Men of Platinum, and beautifully crafted love bands known as Platinum Love Bands for couples. There are also divine deity pendants in platinum for those seeking sacred symbols. With a wide selection across price points, consumers can elevate their Akshaya Tritiya celebrations with precious platinum jewellery.
Even the young urban grooms are increasingly shifting away from gold jewellery and inclining towards platinum jewellery like chains, bracelets, and studded earrings giving a respite to the bride’s family in the midst of rising gold prices
Joyalukkas said “We are witnessing this change that young grooms are preferring platinum jewellery. The trend of wearing heavy gold chains by Indian men is changing and they are now looking for thin platinum chains with good designs. To them, platinum is a special metal rather than gold. And this trend is picking up all over India.”
One interesting trend the trade has started witnessing is that Indian men from tier 2 and tier 3 cities are also taking interest in platinum. Bracelets, chains which are priced below 2 lakh are mostly popular among them thus avoiding the need to furnish PAN (permanent account number). PAN is required to buy anything which is priced at Rs 2 lakh and above.
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