By Aparajita Gupta
Kolkata, Feb 15 (IANS) Platinum jewellery is slowly but steadily carving a niche market among Indians, who have so far been known for their craving for gold.

“For platinum, India is an established market, particularly the southern region, where Chennai and Bangalore are the two most important markets. There are around 300 stores at present in India which keep platinum jewellery,” Vaishali Banerjee, Manager-India of Platinum Guild India Pvt. Ltd, told IANS.

She said that since platinum is rarer than gold, it is more expensive but the consumer response in India is still positive. Platinum price hovers around Rs.2,700 per gram.

Banerjee said most of the elegant and exquisite shining white metal is imported from South Africa.

“Around 75 percent of platinum originally comes from that region.”

“It is our mission to provide customers with 100 percent hallmark platinum. This will help us to create awareness, knowledge and desire for the metal,” said Banerjee, whose company is going all out to popularise the rare metal in the country.

Subir Sen, director of B.C. Sen Jewellers in Kolkata, told IANS: “The demand for platinum is gradually increasing in India. Awareness about platinum is increasing and it is becoming more regularised. It is a strong metal and diamond goes very well with it. Hence it is used more for diamond-studded jewellery.”

Sen, whose outlet has three stores in the city that have been selling platinum jewellery for the last seven-eight years, said: “Enquiries regarding platinum jewellery have definitely gone up in the last four-five years.”

Asked about his expectations from the market in the next couple of years, Sen said: “Sales will definitely go up but the metal still has miles to go in the Indian market compared to gold.”

Platinum, a very hard metal, comprises 2-3 percent of the total jewellery market in the country, he said, adding rhodium polished gold is also doing good business in India.

“The platinum market is still at the nascent stage and is yet to catch the imagination of Indian customers. But awareness regarding white metals is growing,” Pankaj Parekh, regional chairman of the Gem and Jewellery Exports Promotion Council, told IANS.

“The mindset to use white metals is yet to develop in the Indian market,” he said, adding: “Most people opt for white gold as it is much cheaper than platinum.”