Platinum sales to grow 23 pc in India this year: PGI

Platinum sales are expected to grow 23 per cent this year in India following the increase in demand, a report by the Platinum Guild International said.
There has been a shift in the purchasing pattern of precious metal jewellery in India, from being largely bridal to everyday-wear and gifting, and according to the retailers platinum fits into this segment, it added.
However, retailers continue with active promotion of bridal jewellery because of the higher price per piece.
Platinum Guild International (PGI) had launched Platinum Evara in December targeting the Bridal jewellery market.
"The initial response for Evara has been positive and is expected to contribute to the growth figures for 2015," the report said.

This might be over and above the projected overall growth of platinum sales in India, it added.

Platinum sales went up by over 28 per cent in volume terms in India in 2014 compared to 8 per cent growth in the US and 3 per cent in Japan.
However, in China -- the largest platinum retail market -- the metal's retail sales fell by 3 per cent last year.
In 2015, platinum is expected to grow 7 per cent in the US and 1 per cent in Japan, while the Chinese market is expected to be flat, it added.
The Retail Trade Barometer report revealed the consumer retail sales data of platinum jewellery in 2014 and projections for 2015, covering over 400 jewellery retailers with close to 40,000 outlets in four main international markets of China, India, Japan and the US.

The research was conducted between January and February 2015.