INSUBCONTINENT EXCLUSIVE:
Young urban grooms in India are increasingly opting for platinum jewellery instead of gold, providing some relief to the bride's family
amidst soaring gold prices
Gold priceshave crossed Rs 61,000 for 10 grams while platinum is currently trading at around Rs 25,000 per 10 gm
According to an ET report, platinum jewellery has become a favoured choice for young men, who now prefer thin platinum chains with stylish
designs.Historically in India, it's customary for the bride's family to present jewellery to the groom as part of the wedding tradition
This trend for platinum jewellery is gaining popularity across the country, with a 25-30% growth in the men's platinum jewellery category
this festive season, according to Joy Alukkas, chairman of Joyalukkas, a prominent retail jewellery chain.The trend is expected to continue
throughout the marriage season, which extends until March, as Indian grooms continue to show interest in purchasing platinum jewellery
To further promote the trend, cricketer Surya Kumar Yadav has been appointed as the face of men's platinum jewellery by Platinum Guild
This has contributed to the success of partner retailers during this year's festive season, according to Vaishali Banerjee, managing
director of the organization promoting platinum jewellery.Gold Buying Tips: Sovereign Gold Bonds Vs Gold ETFs, Gold MFs Vs Gold Coins, Bars,
Jewelry ExplainedInterestingly, even men residing outside major cities in India are showing interest in platinum jewellery, especially in
bracelets and chains priced below Rs 2 lakh
This price range allows them to avoid the requirement of furnishing a PAN (income tax permanent account number), which is mandatory for
purchases exceeding Rs 2 lakh
Saurabh Gadgil, chairman of PNG Jewellers, which operates 42 outlets in Maharashtra and Goa, highlighted the fascination of the younger
generation with platinum designs and their preference for the metal over gold
This festive season, platinum jewellery sales witnessed a 25% growth at PNG Jewellers.Young men are considering gold more as an investment
instrument, such as through gold exchange-traded funds and sovereign gold bonds, rather than as physical adornments
However, the making charges for platinum jewellery is high, points out Sanjay Banka, chief financial officer of Senco Gold - Diamonds
According to Saurabh Gadgil, due to its durable nature, platinum necessitates high-temperature melting compared to the malleability of gold
Consequently, crafting platinum jewelry involves higher making charges
Despite this, the cost of a piece of platinum jewellery is relatively lower than that of gold.
