February 23, 2014 Leave a comment
Recently platinum imports have almost doubled.Platinum imports have touched 40 tonnes in 2013 from 18 tonne in 2012. The demand has been driven by retail jewellery sales though platinum as an investment product has not gathered much momentum in India where gold is still regarded as the best investment option.Platinum prices went down by $200 per troy ounce in 2013 compared to gold which made this precious metal popular among aspiring young Indians.There are no restrictions on platinum imports unlike gold. A supply crunch in gold has pushed up the premium on gold, making the yellow metal costlier which has not happened in the case of platinum.At the retail end, platinum jewellery demand has grown by 30-35% in 2013 and jewellers are expecting that platinum will maintain this rally in the current year as well. Platinum demand is more of an urban phenomenon. However,platinum is gradually crossing the boundaries of metro cities and making way into tier-1 and tier-2 cities. It is the only metal that showed a spectacular growth last year.The price of platinum currently hovers around 3,790 per gm which has moderated since January.
So,it you’d rather be part of the hip set,go ahead and indulge.But make certain to buy only jewellery,preferably branded and studded with quality diamonds.Also be smart and ensure that the seller offers a decent buyback option as its still almost impossible to sell used platinum jewellery to the street corner jeweller.