The Hindu Business Line : Yellow metal can give way... the white one is coming

This Akshaya Tritiya, it's not just the yellow metal that's set to dazzle, it's the white one too! Jewellers are actively pushing their platinum collections as a choice for the auspicious day and as the campaign gathers momentum, astrologers have begun expounding on platinum's `innate' qualities, `numerological strengths' and `associations with the planets.' The colour white is also supposed to be of special significance (not only in jewellery but in food and clothing) as Akshaya Tritiya falls during the Shukla Paksha (the period from the first day after the new moon day up to the full moon day).

Speaking to Business Line, Mr Jitendra Vummidi, partner, Vummidi Bangaru Jewellers, says the demand for platinum jewellery has grown 200 per cent since it was introduced in India in the year 2000. It has been growing at a steady pace of 25-30 per cent every year. However, it is still in the nascent stage of growth, he adds.

Says Mr Vijay Jain, Chief Executive Officer of jewellery brand Orra, which has created a few platinum Ganapati pendants, specifically, for this year's Akshaya Tritiya: "There's been fantastic growth. The price-range is wide from Rs 4,000 to Rs 1 lakh."

He adds that most sales are in the mid-range and for Orra, the West and the North are the largest markets. The international price is hovering at $1,114 an ounce, he says.

"All the precious metals — gold, silver and platinum — are seeing highs and retailers see it as an opportunity for growth", says Ms Vaishali Banerjee, Country Manager, Platinum Guild International.

In the past year, quite a few new opportunities have opened up, bridal rings being one. According to Ms Banerjee, young couples are increasingly opting for platinum engagement and wedding rings. Additionally, deity-based products are in demand and jewellers are designing and retailing pendants, coins and medallions. "We believe that we will see significant off-take this Akshaya Tritiya for these specially-created products," she says. Today, platinum jewellery is available across 300 outlets in 62 markets and appeals to people well beyond the metros, she adds.

While it's not clear how astrologers got into the scene, they reportedly have studied the metal and found it to be associated with the number five, which is ruled by Mercury and Venus, planets closest to the sun, and therefore, symbolic of prosperity, strength, confidence and cerebral power. And since clear thinking leads to intelligent action, that results in happiness and prosperity, which is the ultimate benefit of the beliefs associated with buying precious metal that surround Akshaya Tritiya.

More Stories on : Gems & Jewellery | Brands | Gold & Silver

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