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.
Bureau Report