Precious metals popular in India

The Akshaya tritiya period in India will see consumers rushing to the stores to buy gold jewellery, as well as platinum products.

Akshaya tritiya is the third day from the new moon, or Amavayasya, and is considered a special day in the Indian calendar, with new purchases of jewellery and clothes typically taking place.

This year the day falls during the Shukla Paksha, the period between the new moon and the full moon, accentuating its significance.

Jewellers in Chennai told Business Line that this year the omens seem good for a surge in platinum purchases.

Highlighting platinum's own astrological significance and spiritual associations, Jitendra Vummidi of Vummidi Bangaru Jewellers said there was a steady growth in demand.

With platinum jewellery demand expanding by 200 per cent in just six years, Platinum Guild International's Vaishali Banerjee said the celebrations represented a good retail opportunity.

"All the precious metals - gold, silver and platinum - are seeing highs and retailers see it as an opportunity for growth," she explained.

Platinum is said to be a particularly popular choice for bridal jewellery in the country at present, while India consumes more gold than any other country.