Thursday, May 15, 2014
Demand for Platinum Jewellery Booming in India
Of course this supply/demand tightness could even be greater if the platinum mines in South Africa do not resume full production soon.
MUMBAI (Mineweb) -
Platinum jewellery demand in India is likely to shoot up by 35% this year, given the price volatility and import curbs on gold and the rapidly changing consumer preferences for the metal.
A recent study by the Platinum Guild International (PGI) has forecast that India’s demand would be around 40 tonnes in 2014, as compared to around 30 tonnes in 2013, which would be a 41% growth.
Though India has been one of the largest markets for gold jewellery in the world, besides China and the United States, owning and acquiring gold and diamond jewellery for bridal wear appears to have ceded some territory to platinum jewellery.
If it is unlikely to supplant gold entirely, which has broad appeal in India, a study conducted by PGI nonetheless found that India has become the world’s fourth largest platinum jewellery market in terms of consumption globally, and that there is an unprecedented demand for platinum men’s jewellery, especially for upper middle class men in the age group of 25-40 years.