Platinum rush
HYDERABAD: Platinum, has gradually emerged as the metal of choice for millennials and Gen Zs who are redefining the jewellery landscape in India with evolved choices. CE speaks to industry players about how they are changing along with the demand and more
As the younger millennials and Gen Z redefine the jewellery landscape in India with evolved choices that view jewellery as an emotional and meaningful purchase, platinum has gradually emerged as the metal of choice. According to NielsenIQ Category Brand Health Study 2022, across 15 markets 89% of young, affluent, urban women stated that they would consider platinum for their next purchase of precious jewellery, with 59% considering platinum designs to be appealing/attractive, and 62% considering platinum as the preferred metal choice for the younger generation.
“The younger generation endorses brands and products that align with their inherent value system and jewellery purchase is seen with the same lens of purpose and intent. Platinum with its physical attributes, strong emotional narrative and unique design language aligns with the evolved desires and aspirations of the younger generation,” explains Vaishali Banerjee, Managing Director, Platinum Guild International-India.
Born of the stars, platinum is 30 times rarer than gold and extremely robust in nature. This rare and precious metal can easily withstand everyday wear and tear without losing its white sheen or form through the passage of time. It also offers an extremely secure hold on gemstones. Along with a promise of 95% purity for platinum jewellery, platinum also represents a modern and progressive value system that resonates with the younger millennials and Gen Z who seek jewellery as an emotional purchase to mark important life events and milestones. “Currently, we are increasingly seeing younger consumers, especially men, opt for platinum jewellery due to its stylish and contemporary designs that are available across price points. We are anticipating a spurt in platinum jewellery purchases throughout the year on account of festivals and the wedding season,” says Varghese Alukkas, Managing Director, Jos Alukkas.
According to Dr B Govindan, Chairman, Bhima Jewellery, besides the usual rush for platinum jewellery during the busy wedding season, it is interesting to see consistent demand for the more contemporary designs in platinum love bands that young couples are seeking throughout the year for gifting. “There has been a growing interest amongst the youth for platinum jewellery. There is a rising demand across categories for platinum neckwear, statement platinum earrings and platinum bracelets. We are also seeing a significant rise in self-purchases for platinum jewellery by younger women,” shares GR ‘Anand’ Ananthapadmanabhan, Managing Director, GRT Jewellers.
Rajesh Kalyanaraman, Executive Director, Kalyan Jewellers, believes that the men’s jewellery market is largely untapped and they expect the demand for platinum jewellery in this segment to continue to rise at an accelerated rate. “The Indian consumer is extremely positive about the upcoming summer wedding and festive season and looking to celebrate every occasion with much fervour. We are seeing a growing preference for trendy frequent day-wear platinum jewellery driven by the younger segment and expect this trend to continue this season. The differentiated designs that are available in platinum have been driving this demand, especially among young women,” says Joy Alukkas, Chairman, Joyalukkas Group.
GR Radhakrishnan, Managing Director, GRT Jewellers aptly points out that, younger consumers seek contemporary designs that can be worn across multiple occasions and compliment both Indian and Western looks. “Platinum jewellery with its more minimalistic and contemporary designs is popular among younger consumers and we only expect this trend to continue at an accelerated rate through the year,” concludes GR Radhakrishnan.