Platinum is considered as one of the most precious jewelry metals due to its purity, rarity, and strength. Platinum’s natural color is silver-white and is said to be thirty times as rare as gold, and more pure when used in jewelry.
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Platinum has been found to be as viable in jewelry as gold and silver. Platinum jewelry is rarely 100% pure platinum, as it is commonly mixed with similar metals or other base metals, and hence the higher the percentage of pure platinum, the higher the value of the jewelry.
Key factors driving the platinum jewelry market are weddings and ritual purchases on auspicious occasions, which enjoy strong demand for platinum jewelry. Rings are anticipated to be the fastest growing segment in platinum, followed by earrings and necklace sets. The price drop in platinum jewelry in India is helping consumers to upgrade from 18 carat gold jewelry to platinum jewelry, and has become the preferred metal for jewelry.
In addition, the increasing trend of men buying platinum chains and bracelets is also seen by platinum jewelry providers. However, the platinum jewelry market growth is likely to be impacted due to the sluggish economy in Europe and high demand for gold. Nevertheless, the rapidly growing Indian economy and increasing awareness among consumers of tier 2 and 3 towns are creating opportunities to introduce platinum stores in these cities.
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Some of the leading manufacturers in the platinum jewelry market are Harry Winston, Société Cartier, Van Cleef & Arpels, Buccellati Holding Italia, Tiffany & Co., Graff, Bulgari S.p.A, Piaget, Chopard, and Mikimoto America among others. Manufacturers are increasing their R&D capabilities to diversify their product range and are also making efforts to enhance product quality, so they can compete effectively, both locally and internationally.