Market Report

No. 2 | 13^th January 2025

Indian jewellers are reporting robust market conditions. Kaylan Jewellers and Titan are two of the largest players in this sector. Kaylan recorded a 39% year-on-year consolidated revenue increase in Q4’24, while Titan posted 26.4% year-on-year growth in the preceding quarter. Despite Platinum Guild International’s (PGI) latest Q3’24 business review noting an 11% rise in platinum jewellery sales among its top 15 strategic partners, leading players attribute their growth primarily to the ‘gold and studded categories’. This highlights the struggles of building platinum demand in a gold-centric market.

Jewellery store expansion may not be sufficient to boost platinum demand. Kalyan and Titan together are expected to open 280 new stores in this financial year; store numbers in India have seen strong growth for several years. However, Indian jewellery demand for platinum has seen limited growth over the last 10 years, with an estimate of less than 200 koz p.a. of demand in 2024.

A cultural shift is needed to see platinum demand grow. Jewellers citing that gold products fuelled recent revenue growth signals that little has changed in terms of market share. Gold held 77% of the jewellery market in 2023 (source: Grand View Research) and remains the primary gifting option throughout the cultural calendar. To convert consumers from gold to platinum, retailers need to seize openings.

Unlike the major platinum jewellery demand hubs, India is not experiencing an aging population driving lower marriage numbers. On the contrary, India has a large, youthful population and a rapidly growing middle class. Without a change in this demographic, platinum is unlikely to capture more market share. It may therefore be some time before India becomes a major growth area for platinum jewellery demand as demand declines in other major markets.

In the near term, India’s demand is expected to show some growth. Platinum jewellery demand in the country is forecast to rise by 7% year-on-year in 2025, driven mainly by robust economic growth expectations of 6.7% year-on-year (source: Bloomberg). Consequently, India is expected to be the standout in a declining market. However, it will not totally offset a continuing decline in China, which still represents a third of total demand. In 2024, global platinum jewellery demand fell to 1,280 koz – just 42% of its 2014 level – and is forecast to fall to 1,200 koz this year. While India’s demand is projected to rise slightly in the coming years, it is unlikely to offset the global contraction in the platinum jewellery market.

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