Indian Economy News

Platinum jewellery market size to grow to Rs. 2,500 crore

New Delhi: Platinum jewellery, which has become young India’s choice, could cross the Rs. 2,500-crore mark this fiscal, according to research by IKON Marketing Consultants.

The platinum jewellery market was pegged at Rs. 1,880 crore in 2013-14.

Changing population demographics with the rise in disposable income with young India perceiving it to be fashion jewellery, coupled with growth of organised retail are among the key growth drivers.

Also, factors such as reduction in price gap between gold and platinum have led to the segment growing at 45 per cent compounded annual growth rate year-on-year, according to the report’s estimates. In addition, branded players have managed to effectively utilise celebrity endorsements to capitalise on, “pure, rare, precious, eternal, and emotional attributes attached with platinum jewellery,” the report said.

Popular with urban consumers, cities such as New Delhi, Mumbai, Kolkata and Bangalore are top contributors to platinum jewellery sales in the country.

“Though the market is growing at healthy double digit, still platinum jewellery has been adopted by upper class urban segment,” said Azaz Motiwala, CMD, Ikon Marketing Consultants.

He said increased visibility in retail stores may lead to increase in adoption rate of platinum jewellery.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.