Indore: Riding on the back of increased demand and consumer interest, the white metal, platinum, is giving the yellow metal a run for its money.
The city has recently witnessed a surge in sales of platinum couple bands and bracelets, with soaring gold prices changing the preferences of the buyers who have turned to the white metal.
Platinum is now becoming the first choice of the younger generation in the city. "Prices of platinum have come down in the past few months, increasing the preference for the white metal," said Madhya Pradesh Sarafa Association executive member Avinash Shastri.
In March this year platinum prices declined drastically and were recorded at Rs 24,320 per ten grams which was lower than gold prices. Currently, gold is trading at Rs 29,875 per ten grams in city, while platinum is at Rs 30,080 per ten grams.
"With the prices of platinum declining, the options for customers have increased. The younger generation is opting for platinum jewellery for weddings. Rings and bracelets of platinum are in huge demand. Consumers have also understood that this metal does not erode and has a longer life as compared to yellow metal," said Punjab Jewellers director Darpan Anand.
A major section of jewellers and traders of city, however, believe that despite lower prices, sales of platinum are limited to certain products and a small segment of consumers.
"Young consumers do have a liking for platinum, but a major chunk of consumers in the older age group still prefers gold jewellery," said a city-based jeweller.
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