2023-11-30 12:43:42
The traditional love affair that Indians have had with gold is starting to lose its luster as a new trend in platinum jewelry is gaining traction. For generations, gold has been the investment of choice for many and a staple in special occasions such as weddings and festivals. However, the rising prices of gold are causing a shift in the market.
Currently, the price of gold per 10 grams is over Rs. 61,000, while platinum is priced at Rs. 25,000 per 10 grams, making gold nearly two and a half times more expensive than platinum. This sharp contrast in pricing has caused many to rethink their preference for gold and to consider alternative options, such as platinum jewelry.
Market experts have reported that platinum jewelry sales have seen an increase of up to 30 percent. Not only is platinum more affordable, but it also offers a wider variety of designs compared to traditional gold jewelry. This has made platinum an attractive option for many consumers, especially those in urban areas where the trend towards platinum jewelry is particularly prevalent.
In addition, the purchasing process for platinum jewelry is easier, as it does not require the presentation of a PAN card, unlike gold jewelry which necessitates the card for purchases exceeding Rs. 2 lakhs. This has made platinum jewelry accessible and appealing.
The shift in consumer preference is not only limited to jewelry, but also extends to investments. The younger generation, in particular, is showing an increased interest in gold investment securities rather than traditional gold jewelry. It appears that there is a gradual decline in the interest in gold jewelry amongst Indians.
The change in trend is a significant one, as it marks a fundamental shift in consumer behavior towards a more affordable and accessible alternative to traditional gold jewelry. With the rising popularity of platinum jewelry, the industry is likely to see continued growth and adaptation to this new consumer preference.
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