Price volatility and restrictions on the import of gold in India led to an increase in sales of jewelry made of platinum, Rapaport reports with reference to the publication of the Times of India.
According to the Indian Retail Trade Barometer, conducted by London-based Platinum Guild International (PGI), the Indian jewelery market showed a 41% growth in 12 months (March 31, 2014).
Indian wealthy men of the age category from 25 to 40 years so appreciate platinum, that the share of men's jewelry accounts for almost 53% of total sales of platinum jewelry. According to PGI, the presence of platinum products in the jewelry market has expanded significantly, and to date, platinum products are sold in more than 800 stores across India.
Director of Indian division of Platinum Guild International Vaishali Banerjee (Vaishali Banerjee) noted that in the segment of men's jewelry from platinum there is a very active growth.
"India is the world's fourth largest consumer market for platinum products. We did this research for the first time, and now there is no data on the total volume of the platinum jewelery market in India. "
It is noted that even manufacturers of diamond jewelry switched to platinum, and following the results of 2013, the share of jewelry in the platinum setting made up 35% of the total sales of diamond jewelry.