The Hindu Business Line : Preciously platinum

V anita Rangarajan, a software consultant in Bangalore, is looking forward to her first wedding anniversary. “I am excited because I will be wearing my first platinum jewellery this year!” she says. She and her husband will celebrate their first year of togetherness by exchanging platinum ‘love-bands'.

What's it about platinum that exudes so much aura and excitement? Well, platinum is pure, precious and rare. It is also seen as being chic and elegant.

That's probably why this metal is increasingly becoming a part of wedding trousseau and daily wear, at the same time maintaining its exclusivity.

Platinum jewellery is now no longer an indulgence for that very special occasion, thanks to the promotional measures of the Platinum Guild India (PGI), the Indian wing of Platinum Guild International.

“People in India have tried and tested gold for ages. The yellow metal has a long history in our country. Traditionally, jewellery has to be gold in this country,” says Vaishali Banerjee, Manager, PGI.

The main challenge for PGI was creating awareness about platinum jewellery, explaining why it carried a heftier price tag than gold and how it can look good on our Indian skin.

Value and money

The approach of platinum jewellery buyers is slightly different from that of those who buy traditional gold. “While buying platinum, people look for exclusivity. Price is always an important consideration, but it's never the criterion for purchase. “The exclusivity of design and how well it's made takes centre-stage,” says Aparna Gujral, Senior Manager (Designs and Merchandise), Ganjam, a luxury jewellery store in India.

In recent times, the decreasing price differential between the white and yellow metal is turning the odds in favour of platinum, especially among the young and first-time aspirational buyers. “The price of platinum have stabilised and corrected over the years. Platinum being a very rare and exclusive metal, it's considered a notch above gold. With not much difference in the prices of gold and platinum, people now prefer platinum for both jewellery and investment purposes,” says Vijay Jain, CEO, Orra.

Another reason for the growing popularity as an everyday jewellery option is that it looks good with any outfit – traditional or contemporary. No platinum collection is complete without a solitaire. Platinum's high level of purity and its natural whiteness is seen as complementing the true radiance of a diamond. .

Just as you would look for the ‘916' standard of purity in gold jewellery, the purity of platinum is also graded. You must look for the ‘900' standard in platinum jewellery (it denotes 90 per cent purity); the highest level of purity is can go up to 950 – 95 per cent.

At Orra, the platinum couple bands sell the fastest. Among the more expensive jewellery, people prefer the eternity bangles – a single line of diamonds studded in platinum bangles. At Ganjam, there is good demand for bridal and eveningwear platinum jewellery.

The notion that gemstones other than diamonds may look inappropriate in platinum has been around for a long time. “To break this view, we have introduced a collection called Emerald Tiger, where emeralds are studded in platinum,” says Yogesh Jasnani, a high-end jewellery creator (as he prefers to be called), based out of Mumbai.

While jewellers have seen a healthy growth in their platinum business over the last three-four years, its contribution to total sales is still quite small.

Platinum accounts for about 5 per cent of Orra's turnover. Orra is targeting a 30 per cent year-on-year growth for the next two years. Jasnani said that sales of his collections grew at about 5 per cent last year.

Betting on better prospects for platinum and wanting to make the best out of the metal's falling prices, jewellers have lined up a host of new products for the forthcoming months.

Orra plans to introduce a ‘Platinum Couples Collection' in December; Jasnani will offer his customers a blend of emeralds, rubies, white diamonds and coloured diamonds.

Platinum for men

“Today's metrosexual men are conscious and upbeat about what they are wearing. Many even prefer to stand apart from women, and hence opt for elite and urban designs,” says Bannerjee of PGI.

To cater to men's needs, there are chains, rings, bands, wedding bands, bracelets and cufflinks.

But why so much focus on men? According to Jasnani, one male customer is equal to four or five women customers! “Though women dominate when it comes choosing on to what to buy, men take a final call on how much to buy. And invariably, when men decide to splurge on their loved ones, they will go for it, no matter how it's going to deepen his pockets,” saysopines the designer.

PGI will adopt more proactive initiatives to make platinum more popular and expand the platinum business. "The steady prices of platinum coupled with the exclusivity and rarity of the metal will definitely boost sales,” says Jain of Orra.

But with gold being India's tradition, is that possible? “Yes, in the years to come, there will be a shift in metal preferences of wedding bands, though there is an irreplaceable charm to the warmth of gold on Indian skin tones,” says Gujral of Ganjam.

While most of them concur that it is unlikely that platinum will overtake the demand for gold, at least in the near future, do not discount any surprises on the way.

More Stories on : Gems & Jewellery | Fashion

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