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Platinum prices witnessed a mild correction on Monday, May 18, following weakness in the broader precious metals market. Along with gold and silver, platinum also traded lower during the day, with prices falling by nearly ₹80 per 10 grams in domestic markets.

According to the latest bullion market trends, platinum was trading around ₹60,990 per 10 grams, while the per gram rate stood close to ₹6,099 across most major Indian cities.

Despite the slight decline, jewellery industry experts say platinum demand is gradually rising in India as consumers increasingly look for alternatives to expensive gold jewellery.

Platinum Prices Decline Along With Gold and Silver

Precious metals remained under pressure on Monday amid cautious global market sentiment and fluctuations in international commodity prices.

While gold and silver prices also witnessed declines during the trading session, platinum followed a similar trend. Analysts believe the correction is largely linked to:

• Profit booking in precious metals
• Stronger US dollar movement
• Global economic uncertainty
• Weakness in international bullion markets

Even after the small correction, platinum continues to attract attention among younger buyers and modern jewellery consumers because of its premium appearance and comparatively lower cost than high-priced gold.

Rising Gold Prices Are Changing Consumer Preferences

One of the biggest reasons behind the increasing popularity of platinum is the sharp rise in gold prices across India.

In several cities, gold prices have already crossed ₹1.50 lakh per 10 grams, making traditional gold jewellery increasingly expensive for middle-class and budget-conscious buyers.

As a result, consumers are now exploring alternative jewellery options that offer:

• Modern styling
• Premium appearance
• Lower overall cost
• Lightweight designs
• Daily-wear convenience

Jewellery retailers say buyers who previously preferred 22-carat and 24-carat gold are now gradually shifting toward:

• 18-carat jewellery
• 14-carat jewellery
• 9-carat jewellery
• Platinum jewellery collections

Younger Buyers Driving Platinum Demand

Industry experts say platinum is becoming especially popular among younger consumers because of its minimalist and stylish appeal.

Modern buyers are increasingly choosing jewellery that is:

• Lightweight
• Trendy
• Comfortable for regular use
• Suitable for office and casual wear

Heavy traditional jewellery designs are gradually losing popularity among younger generations, especially in urban markets.

Jewellers also note that platinum’s clean and sophisticated finish gives it a luxury appeal without appearing overly flashy, making it attractive for contemporary fashion trends.

Jewellery Companies Launching Lighter Designs

As customer preferences evolve, jewellery companies are adapting quickly to changing market demand.

Brands are now focusing on:

• Low-weight jewellery collections
• Affordable premium designs
• Everyday wear jewellery
• Fashion-oriented collections

This shift has made stylish jewellery more accessible even for buyers with smaller budgets.

Retailers believe rising gold prices have accelerated this transition, encouraging customers to experiment with platinum and lower-carat gold options.

Latest Platinum Rates Across Major Cities

Platinum prices remained largely uniform across major Indian cities on May 18.

Here are the latest platinum rates:

City	Platinum Rate Per Gram (₹)	Platinum Rate Per 10 Grams (₹)
Delhi	₹6,099	₹60,990
Mumbai	₹6,099	₹60,990
Ahmedabad	₹6,099	₹60,990
Chennai	₹6,099	₹60,990
Kolkata	₹6,099	₹60,990
Hyderabad	₹6,099	₹60,990
Jaipur	₹6,099	₹60,990
Kerala	₹6,099	₹60,990
Lucknow	₹6,099	₹60,990
Bengaluru	₹6,099	₹60,990
Indore	₹6,099	₹60,990
Surat	₹6,099	₹60,990
Nagpur	₹6,099	₹60,990
Raipur	₹6,099	₹60,990

Unlike gold, platinum prices generally remain more uniform across Indian cities because of relatively standardized pricing structures and lower regional variation.

Platinum Emerging as an Alternative Investment Choice

Apart from jewellery demand, platinum is also gaining attention among investors looking to diversify their precious metal portfolios.

Market experts say platinum offers a different risk-reward profile compared to gold and silver because its pricing is influenced not only by investment demand but also by industrial usage.

Platinum is widely used in:

• Automobile catalytic converters
• Industrial manufacturing
• Electronics
• Medical equipment
• Hydrogen energy technologies

As global industries gradually shift toward cleaner technologies and advanced manufacturing, platinum demand could strengthen further in the long term.

Should Buyers Consider Platinum Now?

Financial advisors suggest that platinum may appeal to buyers looking for premium jewellery at comparatively lower prices than gold.

However, they also caution that platinum prices can remain volatile because industrial demand plays a major role in price movement.

Experts recommend that buyers consider factors such as:

• Purpose of purchase
• Long-term affordability
• Resale expectations
• Design preference
• Investment horizon

before making large purchases.

With changing fashion trends, rising gold prices, and increasing preference for lightweight jewellery, platinum is steadily building a stronger presence in India’s jewellery market.

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