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RAPAPORT... ASSOCHAM found an emerging appeal for diamonds and platinum across India's urban cities ahead of Dhanteras and Diwali festivals. ASSOCHAM surveyed 350 jewelers and observed they were responding to changing demands by creating more flexible inventory, especially given the curbs on gold imports and record high prices of the yellow metal this year. The survey revealed that 76 percent of the jewelers were focusing marketing efforts on platinum and diamonds this year for the festive occasions rather than traditional gold and silver jewelry.
One Delhi-based diamond jeweler was quoted by ASSOCHAM as saying, "With gold prices rising, white gold, diamonds or platinum is the new trend among the buyers. There is an increasing focus for platinum jewelry in this festive season.''
D. S. Rawat, the secretary general at ASSOCHAM, said, ''The platinum-based diamond jewelry is picking up pace in India. The diamond studded platinum jewelry has more demand as diamond studded gold jewelry in the metros.''
According to ASSOCHAM, the share of platinum and diamond jewelry is likely to capture as much as 35 percent of the current gold jewelry market share by 2015. Rawat observed the demand for diamond jewelry has already grown more than 25 percent this year, with an equal rate of growth for low- and high-end markets.
"Indian investors always had a fascination with precious metals and stones owing to their hedging ability against rising inflation and economic uncertainties. While investing in gold and silver has been going on for years, another investment avenue that has been blooming for the past few years is platinum, diamond and other investment," Rawat said.
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