Platinum no longer lacks lustre in the South

Like most South Indians, Molly Mathew Joseph grew up partial to gold jewellery. But for her wedding next month, the freelance make-up artist from Kerala will break with family tradition and wear platinum instead of the yellow metal.

“Platinum will go well with my white wedding gown,” said 28-year-old Joseph. “Also, I like the sleek designs that are available in platinum.” Her husband-to-be will also wear a platinum band and bracelet.

It’s not just this couple, many young consumers in South India are increasingly opting for platinum over gold. This has made the South the largest market for the rare metal in India.

According to London-based Platinum Guild, about 50 per cent of overall sales in the country comes from the southern market, breaking the myth about South Indians’ obsession for the yellow metal.

“South India loves anything in the purest form whether it is gold, platinum or diamond,” said Nicholas Graham Smith, CEO of Platinum Guild International. Also contributing to the changing tastes are rising income levels and increased exposure to global fashion trends. “Even jewellery retailers have expanded their platinum segment, sensing growing demand from young consumers who like to wear platinum to work,” said Smith. Youngsters in the 15-30 age-group account for 85 per cent of platinum consumers.

He said the trend will soon catch up in other parts of the country. Platinum Guild in its first ‘Retail Trade Barometer’ found out that platinum in India, despite a slow market, is the fastest growing category in the jewellery sector, witnessing a strong growth of over 41 per cent in 2013. The Guild expects similar growth this year too.

In the past two decades, social, economic and demographic changes have influenced Indian culture. Besides, the growth in the number of nuclear families is also bringing about a change in tradition. Wedding celebrations have become more elaborate.

The Guild recently launched a bridal collection in the country and expects the Indian market to become the second-largest in the next five years. Currently, India consumes about four tonnes of platinum compared with 760 tonnes of gold and is the fourth-largest market globally after China, Japan and the US.

Platinum Guild is also looking at investing heavily in advertising and promotion through television campaigns next year to drive sales. Platinum is available across 800 stores, in the top 30 cities and is expanding across Tier-II cities as well.

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