Historically in India, it is customary for the bride’s family to gift jewelery to the groom as part of wedding traditions. This trend of platinum jewelery is gaining popularity across the country, with the men’s platinum jewelery category growing by 25-30% this year. festive seasonAccording to Joy Alukkas, president of Joyalukkas, a leading retail jewelery chain.
This trend is expected to continue throughout the wedding season, which runs till March Indian groom Continue to show interest in purchasing platinum jewellery. To further promote this trend, cricketer Surya Kumar Yadav has been appointed as the face of men’s platinum jewelery by Platinum Guild International. According to Vaishali Banerjee, managing director of the organization that promotes platinum jewellery, this has contributed to the success of partner retailers during this year’s festive season.
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Interestingly, men living outside major cities of India are also showing interest in platinum jewellery, especially bracelets and chains priced below Rs 2 lakh. This price range allows them to avoid the need to furnish PAN (Income Tax Permanent Account Number), which is mandatory for purchases above Rs 2 lakh.
Saurabh Gadgil, president, PNG Jewellers, which operates 42 outlets in Maharashtra and Goa, highlighted the younger generation’s attraction towards platinum designs and their preference towards the metal rather than gold. This festive season, PNG Jewelers witnessed a 25% growth in platinum jewelery sales.
Young people are considering gold more as an investment instrument rather than a physical adornment, such as through gold exchange-traded funds and sovereign gold bonds. However, Sanjay Banka, chief financial officer, Senco Gold & Diamonds, points out that the manufacturing charges for platinum jewelery are high.
According to Saurabh Gadgil, due to its durable nature, platinum needs to be melted at a higher temperature than the malleability of gold. As a result, high manufacturing charges are involved in producing platinum jewellery. Despite this, the price of a piece of platinum jewelery is relatively lower than that of gold.
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