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Now Platinum, A Girl`s Best Friend?
New Delhi, Aug 01: Madonna swears by it, Jennifer Lopez thinks it is hip and though most Indians still accord greater value to the
New Delhi, Aug 01: Madonna swears by it, Jennifer Lopez thinks it is hip and though most Indians still accord greater value to the "yellow metal", platinum jewellery is fast catching up with buyers in the country.
"Platinum is fast emerging as an alternative to gold," say jewellers.
"The market growth has been very positive. We launched in October 2000 in Mumbai and Delhi with about 18 retailers. Today, platinum jewellery is available in 27 cities across the country and retailed at over 140 stores," says Vaishali Banerjee of Platinum Guild of India.
The demand, however, is yet to permeate down to the middle and lower segments of the market, according to Banerjee. "It is the upper segment of the buyers who are increasingly looking upto platinum to provide that style and substance with traditional gold and silver ornaments not making the high fashion mark anymore," according to Jatin Bhatt, head, accessories department, National Institute of Fashion Technology.
Platinum has always been perceived in accompaniment with diamonds in India, says Bhatt. "It is the best metal to use for studded jewellery including exquisite gems and diamond. Thus only high income buyers are interested," he says.
The most difficult part about selling the metal is moving people away from the fetish for gold, another leading jeweller says.
"Changing the Indian mindset that considers gold as precious and auspicious is not an easy task. The gold-buying habit in the country is closely linked to marriages and religious events. And in a country that lives by its traditions, even attempting a small change is a Herculean task," he says.
In other words, it requires a lot of gentle coaxing and persuasion to move clients from the yellow counter to the white counter.
Over the last five years, the demand for platinum jewellery though has grown faster than any other metal in the global market, Banerjee says.
This is primarily because of the advantages platinum has over other jewellery metals like gold and silver. "Platinum being stronger than gold or silver, stone settings on the metals are stronger and more secure," she says. It is also resistant to everyday wear and tear.
The demand is restricted also because of the fact that platinum is much costlier than gold or silver. A simple diamond-studded ring in platinum will cost Rs 10,000, which is at the bottom of the price rung.
The reason for the high cost is that while the world produces 33,000 tonne of gold every year, yearly production of platinum is only about 100 tonnes.
Platinum is also twenty times rarer than gold and can be worked into jewellery only by the most skilled craftsmen.
Bureau Report
"Platinum is fast emerging as an alternative to gold," say jewellers.
"The market growth has been very positive. We launched in October 2000 in Mumbai and Delhi with about 18 retailers. Today, platinum jewellery is available in 27 cities across the country and retailed at over 140 stores," says Vaishali Banerjee of Platinum Guild of India.
The demand, however, is yet to permeate down to the middle and lower segments of the market, according to Banerjee. "It is the upper segment of the buyers who are increasingly looking upto platinum to provide that style and substance with traditional gold and silver ornaments not making the high fashion mark anymore," according to Jatin Bhatt, head, accessories department, National Institute of Fashion Technology.
Platinum has always been perceived in accompaniment with diamonds in India, says Bhatt. "It is the best metal to use for studded jewellery including exquisite gems and diamond. Thus only high income buyers are interested," he says.
The most difficult part about selling the metal is moving people away from the fetish for gold, another leading jeweller says.
"Changing the Indian mindset that considers gold as precious and auspicious is not an easy task. The gold-buying habit in the country is closely linked to marriages and religious events. And in a country that lives by its traditions, even attempting a small change is a Herculean task," he says.
In other words, it requires a lot of gentle coaxing and persuasion to move clients from the yellow counter to the white counter.
Over the last five years, the demand for platinum jewellery though has grown faster than any other metal in the global market, Banerjee says.
This is primarily because of the advantages platinum has over other jewellery metals like gold and silver. "Platinum being stronger than gold or silver, stone settings on the metals are stronger and more secure," she says. It is also resistant to everyday wear and tear.
The demand is restricted also because of the fact that platinum is much costlier than gold or silver. A simple diamond-studded ring in platinum will cost Rs 10,000, which is at the bottom of the price rung.
The reason for the high cost is that while the world produces 33,000 tonne of gold every year, yearly production of platinum is only about 100 tonnes.
Platinum is also twenty times rarer than gold and can be worked into jewellery only by the most skilled craftsmen.
Bureau Report