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 International. 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.
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Interestingly, 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.