Platinum Prices Remain Steady on May 7 as Buyers Shift Toward Affordable Luxury Jewellery

Platinum prices remained largely unchanged on May 7, offering some stability to jewellery buyers at a time when gold and silver rates continue to witness sharp fluctuations. According to the latest market data, platinum was trading at around ₹61,060 per 10 grams across major Indian cities on Thursday morning, with no major movement compared to the previous trading session.

The flat pricing trend comes as consumers increasingly explore alternative jewellery options due to soaring gold prices. Industry experts say platinum is gradually emerging as a preferred choice among younger buyers and budget-conscious consumers who want premium-looking jewellery without paying the extremely high prices currently associated with gold.

Platinum Prices Stay Flat Across India

Unlike gold and silver, which have shown strong volatility in recent sessions, platinum prices remained stable in most Indian bullion markets.

On May 7, the rate of platinum stood at approximately ₹6,106 per gram and ₹61,060 per 10 grams in cities including Delhi, Mumbai, Chennai, Ahmedabad, Kolkata, Hyderabad, Jaipur, Bengaluru, Lucknow, Surat, Indore, Nagpur, Raipur, and Kerala.

Jewellers say platinum prices generally remain more uniform across India compared to gold because of relatively lower regional demand fluctuations.

While there was no major increase or decline in prices today, market observers believe platinum demand is slowly strengthening in India’s urban jewellery market.

Rising Gold Prices Are Changing Consumer Preferences

The growing interest in platinum comes at a time when gold prices have surged to record highs.

With 10 grams of gold now approaching or crossing the ₹1.5 lakh mark in several cities, many buyers are becoming more cautious about large jewellery purchases. Consumers who previously preferred traditional 22-carat or 24-carat gold ornaments are now actively searching for alternatives that fit within their budgets.

This shift has significantly influenced buying patterns in the jewellery sector.

Industry insiders say customers are no longer focused only on heavy traditional jewellery. Instead, many are prioritizing lightweight, stylish, and affordable pieces that offer a modern appearance without extremely high costs.

Demand for Lower-Carat Jewellery Is Rising

Jewellery retailers across the country are also witnessing increasing demand for 18-carat, 14-carat, and even 9-carat jewellery collections.

The primary reason behind this trend is affordability. Lower-carat jewellery offers attractive designs at significantly lower prices while still maintaining the appearance and appeal of premium ornaments.

As inflation and living costs continue to rise, buyers are becoming more practical with discretionary spending, especially in categories like jewellery and luxury purchases.

Experts say modern consumers, particularly younger buyers, now prefer products that combine fashion, comfort, and value for money rather than focusing solely on traditional investment-driven jewellery.

Platinum Becoming Popular Among Young Buyers

Platinum has particularly gained attention among urban millennials and Gen Z consumers.

Jewellers say younger buyers are increasingly attracted to platinum because of its sleek finish, minimalistic style, and modern appeal. Compared to traditional gold jewellery, platinum designs are often viewed as more contemporary and versatile for daily wear.

The metal is also becoming increasingly popular for engagement rings, wedding bands, office wear accessories, and premium fashion jewellery.

Another factor driving demand is exclusivity. Since platinum jewellery is less common than gold, many consumers see it as a symbol of individuality and modern luxury.

Jewellery Industry Adapting to New Trends

Changing consumer preferences have also pushed jewellers to redesign their collections and business strategies.

Retailers are now focusing more on lightweight jewellery, modern aesthetics, and budget-friendly premium collections. Many stores have expanded their platinum offerings to attract customers looking for alternatives to expensive gold ornaments.

Jewellery brands are also investing heavily in trendy designs that appeal to younger audiences, especially working professionals and first-time buyers.

According to market analysts, this transformation could gradually reshape India’s jewellery market, which has traditionally been dominated by gold for decades.

Platinum Rates in Major Indian Cities on May 7

Here are the latest platinum prices recorded across major Indian cities on Thursday:

Precious Metals Market Remains in Focus

The precious metals market continues to remain highly active amid changing global economic conditions, currency fluctuations, and geopolitical developments.

While gold and silver are currently experiencing strong momentum due to safe-haven buying and international market movements, platinum appears to be benefiting from changing consumer behaviour in the jewellery segment.

Experts believe that if gold prices remain elevated in the coming months, platinum and lower-carat jewellery could witness even stronger demand across India.

For now, stable platinum prices may provide buyers with an attractive opportunity to explore premium jewellery options without the heavy cost burden associated with gold.