PLATINUM-BASED DIAMOND JEWELRY TO GROW IN INDIA IN 2012

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PLATINUM-BASED DIAMOND JEWELRY TO GROW IN INDIA IN 2012
09 January 2012
Diamond-jewelry manufacturers in Gujarat say they are increasing their focus on platinum given that frequent price fluctuations in gold and silver are driving India's jewelry consumers to turn toward platinum-based jewelry. In fact, sales of platinum-based jewelry are likely to account for about 25-30 percent of total diamond jewelry sales in 2012, reports India's Business Standard.
The demand for gold jewelry slowed in the fourth quarter of the calendar year 2011, as evidenced from a 56 percent decline in India's gold imports during October - December quarter, according to the news source.
While consumer awareness in India of platinum-based jewelry, or "white gold," is reportedly still less than in Western consumer markets, domestic consumer demand for diamond-studded platinum jewelry is almost similar to the demand for diamond-studded gold jewelry, notes Govindbhai Kakadia of Mumbai-based diamond-jewelry manufacturer Sheetal Diamonds, which sells diamond jewelry under the Kiah brand.
As such, diamond-jewelry manufacturers believe that platinum jewelry will be a "new craze" among young Indian consumers in 2012.
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