India’s Caught the Platinum Fever

India has long been known as a voracious consumer of gold, but the world’s second most populous nation is also now emerging as one of the biggest buyers of platinum on the planet.

The World Platinum Investment Council reported that the country accounted for nearly 40% of global platinum demand in 2014 – a large chunk to be sure. And if WPIC analysts are to be believed, India’s chunk of the platinum pie will get even bigger in 2015.

As per statistics, the demand for platinum jewelry in the country rose from 140 koz by nearly 25% to 175 koz during 2014. The jewelry demand for platinum is expected to rise 15% to touch 200 koz in 2015. Platinum jewelry is expected to make more inroads into the Indian market.

In addition to jewelry, the automotive industry is a major source of platinum demand.

The growing focus on emission standards offer great upside potential for platinum to be used as a catalyst in diesel cars. The automotive sector demand for platinum is expected to regain momentum in 2015 in line with the country’s growing economy.

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Photo courtesy of Hard Assets