This Dhanteras, Indians are turning to diamonds

Rising gold prices have pushed an increasing number of Indians to opt for white gold, diamond or platinum jewellery this festive season over the yellow metal, according to a survey.

The survey, which comes on the eve of Dhanteras, found that 76 per cent jewellers are focusing on platinum-based diamond jewellery over traditional gold and silver ornaments to tap the changing preferences of domestic consumers.

"With gold prices rising, buying white gold, diamonds or platinum is the new trend among the buyers. There is an increased focus on platinum jewellery this festive season," said a Delhi-NCR-based jeweller who took part in the survey.

Elevated gold prices have led Indian investors to eye diamonds and platinum as a lucrative investment opportunity, it found.

The survey covered 350 jewellery-makers based in Delhi-NCR, Mumbai, Ahemdabad, Chennai, Kolkata, Hyderabad, Chennai, Bangalore, Chandigarh and Dehradun.

“There is an increasing interest among domestic consumers for buying platinum and diamond jewellery. Frequent price fluctuations in gold and silver prices seem to have drawn attention of jewellery buyers towards platinum and diamond based jewellery," Assocham Secretary General D S Rawat said.

On a year-on-year basis, the demand for diamond jewellery has grown by 25 per cent this year, the survey said.

"While investing in gold and silver has been going on for years, another investment avenue that is blooming for the past few years is platinum and diamonds," Rawat said.