Ditching Gold as Old Indian Grooms Tie the Knot with Platinum

Ditching Gold as Old Indian Grooms Tie the Knot with Platinum

Young urban grooms in India are increasingly preferring platinum jewellery like chains, bracelets, and studded earrings, providing some respite to the bride’s family amidst rising gold prices. Platinum is currently trading around ‘25,000 per 10 gm, while gold prices have crossed ‘61,000 per 10 gm. Traditionally, the bride’s family gifts jewellery to the groom during the wedding. However, the trend of wearing heavy gold chains by Indian men is changing. They are now looking for thin platinum chains with good designs. Platinum is seen as a special metal rather than gold. The men’s platinum jewellery category has witnessed 25-30% growth this festive season, according to Joy Alukkas, chairman of Joyalukkas. The trend of purchasing platinum jewellery by Indian grooms is expected to continue throughout the marriage season until March. Platinum Guild International has appointed cricketer Surya Kumar Yadav as the face of men’s platinum jewellery. This partnership has contributed to the growth of platinum jewellery sales during this festive season. The trade has also noticed that Indian men residing outside major cities are taking an interest in platinum jewellery. Bracelets and chains priced below ‘2 lakh are particularly popular among them as they do not require PAN (income tax permanent account number), which is mandatory for purchases above ‘2 lakh. Saurabh Gadgil, chairman of PNG Jewellers, has observed a 25% growth in platinum jewellery sales this festive season. On the other hand, young men are increasingly viewing gold as an investment instrument rather than wearing it physically. While the making charge of platinum jewellery is higher due to the metal’s hardness, platinum jewellery remains cheaper than gold.

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TIS Staff

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