Platinum jewellery is gaining more favours among young Indian customers
Platinum's customer profile in India is getting younger. A recent survey shows that 85% of the metal's consumers in the country are in the age group of 15 to 30 years. The corresponding age group a few years ago was 25-40 years.
The survey by Platinum Guild International (PGI) shows that the common occasions for receiving platinum jewellery are 18th birthday, completion of school education, college graduation and first job.
Vaishali Banerjee, country manager India, PGI, said, "Today, young India wants platinum as it is considered a metal that speaks the modern language with its contemporary design form enabling an emotion of pride to the wearer; is established as a symbol of the deepest relationships and is exclusive, unique and expensive,which denotes status."
Platinum demand this year is expected to grow by 20-25%, retailers say.
Retailers say their younger clients are educated, net savvy and aware of international trends. They seek options in jewellery metals and designs and are willing to experiment with new styles. Kalpanik Choksi, director of Ahmedabad-based Ishwarlal Harjivandas Jewellers, backed the survey's find that there has been a shift in consumer profile. "The young crowd likes the natural colour of platinum. They largely belong to the upper middle and affluent sections of society. In the current fiscal, we are expecting platinum demand to go up by 18-20%. On Dhanteras, there was good sales of platinum jewellery."
As per the survey, platinum is also gaining popularity among married women in the age group of 25-35 years.
The survey points out that young married women, who have acquired heavy jewellery at their wedding, tend to look for delicate designs for social occasions like kitty parties, office parties and get-togethers.
Vijay Jain, CEO, Orra, said women who had chosen platinum love bands for their engagement are now asking for platinum bridal jewellery.
"Since April this year, platinum has witnessed more than 20% increase in demand at our 35 stores spread over 25 cities. What is more interesting is that the younger generation from tier II cities are developing a taste for platinum jewellery," he said.
Added Choksi that a new line of bridal jewellery will be launched in first week of November in association with PGI, keeping in mind the upcoming wedding season that starts in November and continues till March. The bridal line of jewellery is being introduced to address the change in market dynamics that has emerged from the findings of the survey.
Among women in the 35-40 years age group, platinum jewellery is now seen as a mark of economic stability for the present and future.
In Kolkata, jewellery among this age group is acquired and acknowledged as a highly desired asset, with a twofold benefit of safeguarding the future of children and self, whereas in Delhi, it satisfies the need of attention and approval while one focuses on exhibiting status and confidence, the survey added.