Platinum jewellery sales on the rise thanks to young customer base
India’s platinum jewellery sales have risen thanks to an increase in male millennial demand, ET Bureau reported.
Jewellers and bullion dealers told ET Bureau that platinum men’s jewellery sales have risen by 40 percent over the past year and that this growth is showing no signs of slowing down. Overall platinum jewellery sales have also risen by 25 percent in India from 2018 to 2019, they said.
Ahmedabad-based Ishwarlal Harjivandas Jewellers’ director Kalpanik Choksi told ET Bureau that millennial men are the main consumers of low-price platinum jewellery, adding that men’s platinum bracelets and chains are proving especially popular.
The precious metal has declined in value globally by 36 percent over the past five years to reach $895.35 per ounce at the start of April from $1,396.60 at the end of April in 2014, according to Eikon data accessed by Zawaya. The decline in platinum prices has made the metal more accessible which has pushed up demand in India.
In India, platinum was retailing at Rs 2,685 per one gram on April 24, the highest it has been in the past 10 days. Sales are expected to continue to rise during the current spring wedding season. Platinum jewellery is also expected to witness substantial growth on the global market in the next few years, according to the consulting firm HTF Market Intelligence’s latest report, Global Platinum Jewellery Market Report 2018.
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