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Indian Brides Replace Gold Engagement Rings with Platinum

The currently volatile state of the gold market in India is one of the factors behind the decision, made by an increasing number of Indian brides, of replacing their gold engagement rings for baubles made of materials such as platinum.

While gold jewellery has been traditional in the Asian country since time immemorial, the fluctuations in price this material has been subjected to in recent months have led many brides-to-be in India to forgo tradition in favour of practicality and opt for one of the other fashionable materials in the engagement jewellery field.

According to a study recently conducted by the London-based Platinum Guild International, platinum has been one of the forerunners in the alternative metal trend, with many Indian brides being captivated by the same set of characteristics which appeals to Western brides: the metal’s durability, hardness and high sheen.

This was far from the most surprising conclusion drawn up by the study in question, however: not only did the results reveal a staggering 41% growth in the platinum market in India, but they also demonstrated that a large portion of this new interest was coming from male customers between the ages of 25 and 40. Altogether, this demographic was responsible for over half of the total sales of jewellery made from this metal in the Indian territory, edging out brides and, indeed, the female demographic in general. The fact that platinum is more often used for engagement rings is likely to be one of the reasons for this.

This increase in demand for platinum has caused the number of retailers in the country to boom. While at the turn of the millennium there were only two platinum manufacturers and 15 resell outlets in the whole of India, nowadays that number is in excess of 800 – a tendency which came about in order to meet the suddenly surging demand experienced in the last three to four years. The impressive new numbers have made India the world’s fourth largest market for platinum, with sales volumes increasing by 30% to 50% every year.

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