The platinum jewellery market is expected to be growing at a growth rate of 5.4% in the forecast period of 2022 to 2029. Data Bridge Market Research analyses the factors responsible for fostering the growth of platinum jewellery market. This rise in platinum jewellery market value can be attributed to the various factors such as increased focus of the product manufacturers on product innovations, growth and expansion of consumer shopping capacity especially in the developing economies, growing popularity of e-commerce platforms especially in the developing economies and increasing personal disposable income.
Due to its purity, rarity and strength, platinum is considered one of the most precious jewellery metals. The natural colour of platinum is silvery white and is said to be thirty times rarer than gold and purer when used in jewellery. To be as viable in jewellery as gold and silver. Platinum jewellery is rarely made from 100% pure platinum as it is often mixed with similar metals or other base metals. The higher the percentage of pure platinum the higher the value of the jewellery. .
Key factors for the platinum jewellery market are weddings and ritual purchases on special occasions, which are in high demand for platinum jewellery. Rings are expected to be the fastest growing segment in platinum, followed by earring and necklace sets.
The falling price of platinum jewellery in India is helping consumers move from 18k gold jewellery to platinum jewellery and it has become the metal of choice for jewellery suppliers.
The growth of the platinum jewelery market is likely to suffer from the sluggish economy in Europe and the high demand for gold.
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