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Brides reject gold, pair with platinum this season

Spot gold price crossed Rs 40,000 mark again on Thursday, trading at Rs 40,068 per 10 gm.

, ET Bureau|
Last Updated: Jan 24, 2020, 12.31 PM IST
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Jewellery made of polki, or uncut diamond, and other precious gemstones are trending among wedding shoppers even as gold prices stay high.
Kolkata: Platinum is 27.52 per cent percent cheaper than gold, making the noble metal a favourite this wedding season. Besides, high gold prices have seen jewellery made of polki, or uncut diamond, and other precious gemstones become new trends among wedding shoppers.

Spot gold price crossed Rs 40,000 mark again on Thursday, trading at Rs 40,068 per 10 gm. With GST of 3 per cent, the price of gold stood at Rs 41,270 per 10 gm. However, platinum is available at Rs 31,420 per 10 gm.

“Since the difference between gold and platinum has widened a lot in recent months, consumers are preferring platinum over gold. Generally, gold is the preferred metal during weddings. But this wedding season we are seeing that platinum is being preferred,” said Suvankar Sen, executive director, Senco Gold & Diamonds.

Jewellery made of polki, or uncut diamond, and other precious gemstones are trending among wedding shoppers even as gold prices stay high. Diamond studded jewellery requires 18 carat gold. Therefore, the gold content comes down, which makes the jewellery budget friendly.

“This wedding season, consumer preferences are inclined towards precious and gemstone jewellery and polki diamonds,” TS Kalyanaraman, chairman and managing director at Kalyan Jewellers, told ET.

Sale of platinum jewellery is also witnessing a positive trend, especially among men who prefer two tone rings, bracelets, cuff links and chains, he said.

There is also a clear shift in consumer demand from unorganised to organised jewellery retail sector, Kalyanaraman said.

The shift in consumer preference for diamond and platinum jewellery is largely driven by rising gold prices in the recent months, jewellers said.

“Also, diamond has become an aspirational item among the brides,” Sen said. “So, the demand for diamond is increasing.”

Ahammed MP, chairman at Malabar Gold, said the new age brides consider their bridal ensemble incomplete without intricately designed diamond polki necklaces and bangles. “Brides who wish to get that timeless look on the day of the wedding go for diamond polki jewellery,” he said. “Some brides prefer to add a little bit of platinum to their ensemble to get a versatile look.”

Platinum, however, is “an extremely niche bridal jewellery category” and its demand in terms of volume “won't be similar to that of gold or diamond”, Ahammed said. “Retailing platinum jewellery is a strategic retail decision for us based on the demand trend and dynamics of a particular market.”
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