High gold prices spark fresh interest in platinum jewellery

Pune: Platinum jewellery demand in India is set to soar with the increase in prices of silver and gold as well as change in aesthetics, said experts.

High costs of the yellow metal are pushing young buyers to alternative precious metals. Jewellers said urban buyers, especially millennials, are looking for contemporary daily wear and couple bands. “We have chosen to make our wedding bands in platinum. It not only looks classic, but is much cheaper than gold. We will set it with lab-grown diamonds to give it a rich look,” said Maithili Narverkar, a resident of Wanowrie.

“Traditional gold jewellery is becoming unaffordable. Over the last two years, I have been purchasing platinum jewellery from luxury brands,” said Payal Makhija, a resident of Lullanagar.

Recently, import duty on gold and silver was raised from 6% to 15%, and duty on platinum has gone up from 6.4% to 15.4%. Platinum is trending at Rs70,000/10g, while its average price in 2025 was Rs36,000/10g. Gold now costs Rs1,58,000/10g.

A jeweller at Mumbai’s Zaveri Bazaar said, “It has always been difficult to sell platinum to consumers, because nobody understands the metal. However, now we are seeing more buyers enquiring about it as they warm up to investments in platinum.”

“Higher gold prices are likely to encourage consumers to diversify their purchases and explore platinum more actively, particularly within lightweight, versatile and fashion-forward segments. However, we see this as an expansion of consumer preference, rather than a direct shift away from gold,” said Neil Sonawala, managing director, Zen Diamond India.

Global demand for platinum across industries like auto is fluctuating, but consumer interest in platinum jewellery continues to remain strong in India. “We are seeing an increasing preference as consumers look for contemporary, versatile and everyday fine jewellery options. Platinum offers a premium appeal through its naturally white finish, durability and modern aesthetic. Going forward, we expect the category to continue witnessing steady momentum, driven by both design sensibilities and evolving consumer preferences,” said a Candere spokesperson.

However, there continues to be a consumer concern on buyback of platinum “Typically, gold has a wider acceptance for resale and buyback rates are higher than platinum. Gold will be a preference for investment purposes, but for the short-term platinum will give good returns,” said an analyst.

2020 - Rs 24,910/10 g

2021 - Rs 27,610/10 g

2022 - Rs 27,390/10 g

2023 - Rs 31,160/10 g

2024 - Rs 27,560/10 g

2025 - Rs 36,090/ 10 g

(average platinum prices)

Source: Bank Bazaar