Platinum Price in Kerala

Growth of Platinum in Future in India

1. According to Platinum Guild International (PGI) - India, the demand for platinum, particularly in the jewelry industry, is expected to remain strong into 2023. With the exception of 2020, when the Covid pandemic upset patterns, platinum has consistently grown by 20 to 25 percent annually over the past ten years. PGI, a marketing company founded in 1975, has played a crucial role in developing the world market for platinum jewelry.
2. Due to consumers' preference for using platinum as a representation of something priceless, valuable, and timeless to mark key life events, platinum has experienced phenomenal growth over the previous ten years, expanding by up to ten times. Through 2023, this pattern is anticipated to continue. 

1.  Platinum jewelry has long been in high demand in India, which reflects a favorable consumer climate there. India's population is getting younger, and jewelry's function has changed. Younger consumers now have greater standards for the quality, design, and customer service they receive from retail establishments, which have improved in organization during the 2000s.
2. When assessing India as a potential market, PGI has taken into account the fact that branded jewelers are changing to meet the needs of the younger generation. Additionally, PGI has established strategic alliances with retail establishments, which have significantly fueled the rise of this valuable metal. These partnerships represented a sizeable 61 percent of platinum sales in 2022.

Platinum As An Investment Tool

1. In India, platinum is still establishing its reputation in comparison to more well-known precious metals like gold, silver, and diamonds. Platinum usage in India falls behind significantly with only about 10 tons used, whereas gold consumption is at an extremely high 700–800 tons. As a result, the Indian platinum market is not yet established enough to justify substantial expenditures.
2. In India, the platinum market is still in its infancy. Additionally, platinum is imported, which raises its price relative to metals that are readily available locally. Platinum investment interest has been lacking due to its scarcity and low level of public knowledge. In India, gold, silver, and diamonds have historically been the materials of choice for jewellery.

1. Due to ignorance, platinum, with its attraction of silvery-white, has yet to become a popular investment choice. Platinum options are limited in comparison to gold, which may be purchased in a variety of forms, including jewellery, coins, and bars to meet diverse purposes. Platinum investments currently only allow for the purchase of platinum jewellery, without the same flexibility as gold investments.

Why is Platinum So Expensive in India?

Some of the reasons why platinum is expensive in India are given below:

1. Compared to gold mining, platinum mines are much less frequent. While over 1,782 tons of gold are mined each year, only about 133 tons of platinum are produced each year. It's important to remember that there are supposedly more than 5 billion ounces of gold that are accessible above ground.
2. Platinum's price premium over gold is strongly influenced by how rare it is.

1. Platinum is clearly the best option in terms of durability. Compared to gold, it offers better resistance to both scratches and tarnishing. 
2. The outstanding quality of platinum is one of the main factors driving up its cost. Compared to gold jewelry, platinum jewelry not only lasts longer but also retains its worth better.

Also, Check Gold and Silver Rate in Kerala

1. Gold Price in Kerala

2. Silver Price in Kerala