Platinum Jewellery Set for Record Growth in India as Gold Prices Surge

Platinum jewellery in India is poised for record growth, with sales expected to rise as much as 15% in 2025, driven by climbing gold prices that are nudging consumers toward alternative ornaments, Vaishali Banerjee, India Managing Director and Head of Global Market Development at Platinum Guild International, told Mint.

Sales of platinum jewellery are set to close this year 12–15% higher, surpassing the country’s typical annual growth rate of around 10%, Banerjee said. While gold still dominates the Indian market, rising gold prices have encouraged buyers to explore ‘bi-metal’ jewellery—pieces that combine platinum with some gold. She did not disclose the total value of platinum jewellery sold in India.

Banerjee explained the appeal of bi-metal jewellery: “If I have a ₹1 lakh budget, I may have to downgrade to a 5-gram gold piece or double my budget. With bi-metal jewellery, you can stay within your budget. Platinum is heavier than gold, so the jewellery retains its weight and presence, without compromising on look. Gold is starting to vacate these ‘sweet spot’ price points in jewellery.”

Bi-metal pieces already account for 20–25% of platinum jewellery sales this year, a category that has gained traction only in the past 2–3 years as gold prices surged, she added. “With platinum-gold jewellery, you can get a 10-gram piece of pure precious metal without compromising on weight or budget,” Banerjee said.

While total domestic platinum jewellery sales aren’t available, non-wedding jewellery made from metals like silver and platinum was valued at ₹69,700 crore in 2024, according to brokerage Choice Equities.

Platinum bar prices—the raw material for jewellery—rose more than 30% between April and October 2025, according to the London Bullion Market Association. Despite this increase, platinum remains 60–65% cheaper than gold.

Gold prices, meanwhile, hit record highs multiple times this year, contributing to a higher trade deficit for India in October as imports became more expensive.