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Gold August 08, 2013 06:30:51 AM

Platinum jewellery demand in India plunged by over 10% during April-July

Paul Ploumis
ScrapMonster Author
In contrary to the demand trend witnessed in the past year, the platinum demand in India has witnessed a drop of 10% during the initial four-month period from April to July current fiscal year

Platinum jewellery demand in India plunged by over 10% during April-July

NEW DELHI (Scrap Monster) : In contrary to the demand trend witnessed in the past year, the platinum demand in India has witnessed a drop of 10% during the initial four-month period from April to July current fiscal year.

Platinum demand had shown steady growth ranging from 25% to 30% in the past few years. Last year saw larger retail chains incorporating new platinum jewellery areas to their stores. Profit margins on platinum jewellery at retail level in India were greater than gold in 2012, prompting more retailers to enter the platinum market. The desirability of the metal too was on a rise especially due to marketing initiatives driven by industry groups such as Platinum Guild International.

According to trade statistics, the total Platinum demand in India during 2011-’12 fiscal year was 17.4 t, out of which 3.8 t were meant for manufacturing jewellery. The 2012-’13 fiscal saw the platinum demand rising to 18.3 t. The jewellery demand during the fiscal climbed to 4 t.

The general slowdown in demand for precious metal group as a whole has gripped Platinum too. The jewellery chains which recorded 40% demand growth last year are now seeing a demand growth of only 26% to 30%.

Moreover, the reduced output from South African platinum mines has also put pressure on the availability of platinum in recent times. However, industry experts perceive the present slowdown as a temporary phenomenon and hopes that the demand for platinum jewellery would grow manifold in the years to come.

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