With its huge size and growing affluence, India’s youth has emerged as a major factor in the strategy playbook of marketers tapping the Indian market. One such trend that is emerging of late in this context is the rising demand for platinum jewellery.
A survey report by Platinum Guild International (PGI) suggests that the typical customer profile of platinum buyers in India is rapidly getting younger. Around 85 per cent of the consumers of platinum in India were found to be in the age group of 15 to 30 years according to the survey. Just a few years ago, the corresponding age bracket was 25-40 years. Platinum jewellery is also getting popular in married woman in the 25-35 years age group, who are attracted to the delicate designs. Demand in this year for platinum is expected to grow by 20-25 per cent. The survey further reveals that platinum jewellery is now commonly being gifted on occasions including 18th birthday, completion of school education, college graduation and getting the first job. The young population of India, which is also well exposed to global trends, considers the designs of platinum jewellery to be contemporary and also cherishes its exclusivity, which makes it a strong status symbol. It is a rare metal, around 30 times rarer than gold, and its natural white colour enhances its appeal. Even for those who are not necessarily attracted to its status appeal, platinum remains highly desirable due to its worth as a stable economic asset for the present and future.
The ongoing festive season has also indicated a strong demand upsurge in platinum jewellery and retailers are already factoring this into their plans for the upcoming wedding season. Platinum seems destined for a buoyant future in the Indian jewellery market in the coming times.