Platinum jewellery demand in India is set to increase by a staggering 35% this year as the metal becomes a favourite with Indian men.
According to Platinum Guild International (PGI), "Platinum men's jewellery is a very new category. Coming from a very low base, it is now seeing very high growth. There are a lot of inquiries for men's jewellery and retailers are seeing a lot of walk-ins and new buyers.''
PGI are forecasting that India’s platinum demand will increase from 30 to 40 tonnes in 2014. Since 2000 the number of platinum manufacturers in the country has increased from 2 to 15 and number of platinum retailers has soared from 15 to 860.
India is now the world’s fourth largest platinum consumer after China, Japan and the U.S.