Platinum will have to fight a long battle before it can replace gold as the metal of preference, because Indians look upon jewellery as something which will bail them out during tough times.
The concept of buying platinum instead of buying gold this Gudi Padwa is yet to sink in for Retna Prasad. She complains, “God knows what this young generation wants. Platinum looks like steel. Instead of investing in platinum, why not buy silver or artificial jewellery. Gold will come of use when times are tough. My jeweller says that platinum’s resale value is low and making charges are high.”
Priyada, her daughter, has successfully cajoled her mother into buying her a pair of platinum earrings. “It is an exquisite metal and platinum jewellery is just breath taking. When you wear platinum jewellery, you feel special, like royalty. And there is hardly any difference between platinum and gold prices. Gold is so common and passé, everyone owns it. I prefer platinum over gold any day.”
This is not an uncommon sight in Indian households nowadays. Mothers and daughters are at war, each rooting for their favourite metal. While the older generation still wants to stick to traditional gold ornaments, the youngsters are vocal about their love for platinum.
Says Priyada, “which actress have you recently spotted wearing gold jewellery? They either stick to diamonds or platinum.”
Platinum jewellery has an aura of uniqueness around it and women especially love to own it. Vijay Jain, CEO, Orra says, “The younger generation is definitely more open to buying platinum.
Today for engagements many young couples are opting for platinum rings. But this does not mean there are no customers in the 40+ segment. On Akshaya Tritiya, many older customers are asking for spiritual pendants crafted in platinum which were earlier the mainstay of gold. These however form only 25% of our consumers. The majority are youth.”
However, platinum will have to fight a long battle before it can replace gold as the metal of preference, because Indians look upon jewellery as something which will bail them out during tough times. And platinum does not fulfil this need. Platinum is sold on a piece rate basis and it includes making charges, which can be quite high. If you were to ever resell your platinum jewellery, you would get back about 90 % of your investment.
Gold or platinum, the choice is easier when you know which function you want your jewellery to fulfil – investment or adornment.
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