Men’s jewellery, 'bi-metal' fuel India’s platinum boom amid gold price spike

Platinum jewellery sales will end this year 12-15% higher, above the average annual growth rate of about 10% in India, where gold still dominates heavily, Banerjee said. A run-up in gold prices has helped shift consumers to buying ‘bi-metal’ jewellery—platinum jewellery with some gold in it. However, she did not specify the total value of platinum jewellery sold in India.

“If I have a ₹1 lakh budget, I may have to downgrade to a jewellery piece of say, 5 g of gold, or be forced to double my budget," Banerjee explained. “But with bi-metal jewellery, you can stick to the budget. Platinum is also heavier than gold, so the look of the jewellery is not compromised. So gold has begun vacating these ‘sweet spot’ price points in jewellery."

Bi-metal jewellery made up 20-25% of platinum jewellery sales this year and is a relatively new category that gained traction only in the past 2-3 years as gold prices began rising rapidly, she added.

“So if you have platinum-gold jewellery, you can get that 10 g of jewellery, with a pure, precious metal, and no compromise on weight or budget," she said.

While estimates for total domestic sales of platinum jewellery aren’t available, non-wedding occasion jewellery made of metals like silver and platinum was a ₹69,700 crore market in 2024, according to brokerage Choice Equities.

Prices of platinum bars—the raw material for platinum jewellery— rose more than 30% in the April-October 2025 period, the London Bullion Market Association said. Despite the run-up in platinum prices, the cost of raw platinum remains 60-65% lower than gold.

Gold hit record high prices multiple times this year and the sustained price rise weighed on India's trade deficit in October as gold imports became pricier.

New categories

“Commitment rings" made of platinum meant to be exchanged in an engagement or a wedding ceremony still drive most platinum jewellery sales in India, accounting for 40% of sales by volume this year, while another 40% came from the sale of heavier platinum bracelets and chains for men this year, Banerjee said.

“Wedding gifting has become a big occasion for men’s jewellery because you have to gift the bridegroom something," she said. “Also, men’s self-purchase (men buying jewellery for themselves) moves faster than women’s self-purchase because they do not need to seek permission from anyone for a purchase."

Platinum jewellery exports from India rose over 30% year on year in the April-October period to ₹1,098 crore, according to the Gem and Jewellery Export Promotion Council. Higher interest in platinum jewellery among younger consumers, especially in the US, helped exports increase from India even as exports of gold plain and studded jewellery fell 38% and 17% in the same time period, the GJEPC said.

Jewellery sales have grown 27% overall so far in FY26, equities brokerage firm Motilal Oswal said in a note dated 21 November, with high same-store sales growth of 19-22% among market leaders such as Tanishq. Jewellery revenue grew by about 30% in the September quarter for Titan’s jewellery division and for rival Kalyan Jewellers.

“The studded jewellery mix improved for most companies, while it slightly declined for Titan," Motilal Oswal said. “Companies noted rising interest in 18k jewellery across consumer segments, with growing traction for 14k gold in select regions. The players are adding more introductions in lower caratage offerings."

Jewellery players are expanding rapidly to strengthen their market reach, with the sector delivering a 13% CAGR in store additions over FY19-25. Titan aims to add 35-40 Tanishq stores and revamp about 70 outlets in FY26, alongside international expansion, the brokerage said. Kalyan plans about 170 showroom additions across India and the Middle East, including its Candere brand.