As soaring gold and silver prices reshape consumer preferences, platinum jewellery is emerging as an increasingly attractive alternative in India, driven by affordability concerns, changing aesthetics, and a growing appetite for contemporary designs among younger buyers.

With gold prices touching nearly Rs. 1,58,000 per 10 grams, many consumers—particularly millennials and urban professionals—are rethinking traditional jewellery purchases. Platinum, despite its own sharp rise in prices, is being viewed as a relatively accessible premium option. Currently trading at around Rs. 70,000 per 10 grams, platinum remains significantly cheaper than gold, even after doubling from its 2025 average of Rs. 36,000 per 10 grams.

Jewellers say the shift is especially visible in categories such as wedding bands, daily wear jewellery, and minimalist luxury pieces. Young consumers are increasingly favouring platinum for its understated elegance, durability, and contemporary appeal.

Industry insiders note that platinum has historically struggled for mainstream acceptance in India, where gold dominates both cultural sentiment and investment behaviour. However, sentiment appears to be changing. Retailers said enquiries for platinum have risen sharply as consumers begin to view the metal not only as a style statement but also as a potential store of value.

The renewed interest comes despite higher import duties. India recently increased import duty on gold and silver from 6% to 15%, while platinum duty rose from 6.4% to 15.4%. Yet, the pricing gap between platinum and gold continues to work in platinum’s favour.

Brands are also moving quickly to capitalise on the momentum. Jos Alukkas recently launched a new platinum jewellery campaign featuring actor Dulquer Salmaan as brand ambassador. The campaign positions platinum as a symbol of individuality and sophistication, showcasing rings, chains, bracelets and other designs for men and women.

The trend is also backed by global market data. Platinum Guild International (PGI), in its Q4 2025 report, noted growing momentum for platinum jewellery across India, China, Japan and the US as elevated gold prices alter buying patterns. In India and the Middle East, platinum jewellery outperformed broader market trends, with PGI’s strategic retail partners in India reporting a 10% year-on-year rise in retail sales, aided by festive demand and rising preference for lightweight jewellery.

For India’s jewellery market, platinum’s rise may signal more than a temporary shift driven by gold prices. As consumers increasingly seek jewellery that blends luxury with wearability and individuality, platinum appears to be carving out a stronger, more permanent niche in the country’s evolving precious metals landscape.