India emerges as fastest-growing platinum jewellery market: PGI

Sat Mar 21 2026

India has become the fastest-growing platinum jewellery market globally, driven by rising prices of gold, evolving consumer preferences and growing demand from younger buyers, according to Platinum Guild International. “India is clocking consistent double-digit volume growth, and for most retail partners, platinum is the fastest-growing category,” said Vaishali Banerjee, head of global market development and managing director - India & Middle East, Platinum Guild International.

What's driving demand shift

A sharp surge in gold prices is pushing consumers to explore alternatives. Despite a 50-60% rise in platinum prices, 95% pure platinum jewellery remains nearly half the price of 22-carat gold, offering value without compromising on purity or weight. “There is no 18-carat or 14-carat platinum. It is 950 platinum - no compromise on purity or weight,” Banerjee said. Jewellers are increasingly pushing bimetal designs combining gold and platinum, balancing affordability with design appeal. The trend is already reflecting in retail momentum, with PGI reporting 10-12% growth in Q3 and expecting double-digit growth for the full year.

While platinum initially targeted metro millennials, demand is now expanding rapidly. Nearly 40% of distribution comes from Tier II and III cities, underlining wider adoption.

“Aspirations are not defined by geography,” Banerjee said.

Men’s jewellery is also emerging as a key growth segment, offering a mix of wearability and investment value.

Global positioning and gaps

India currently ranks among the top platinum jewellery markets globally, alongside the US, Japan and China, but remains the only market witnessing sustained double-digit growth. However, the category lacks investment avenues such as platinum ETFs, limiting its positioning as a financial asset compared to gold. With expanding retail distribution, product innovation and rising acceptance across demographics, platinum is increasingly positioned as a value-led alternative in India’s jewellery market, especially as gold becomes more expensive and consumer preferences shift.

“Platinum will be where the consumer is,” Banerjee said.

Source: https://retail.economictimes.indiatimes.com