Platinum Price in Indian Rupees Today

The platinum price in India is derived from the international spot price in US dollars, which is then converted to Indian rupees using the prevailing USD/INR exchange rate. On top of this converted price, import duties of approximately 12.5% are added since India imports virtually all of its platinum. GST at 3% is then applied to the final value for jewelry purchases. This layered pricing structure means the domestic platinum price in India can be significantly higher than the international spot price, and fluctuations in the rupee exchange rate add another variable to the final cost.

Platinum has been growing in popularity in India, particularly in the jewelry segment. The Platinum Guild International has invested heavily in marketing platinum as a premium, modern alternative to gold for engagement rings, wedding bands, and fashion jewelry. While platinum does not carry the same deep cultural and religious significance as gold in India, it has carved out a niche among younger, urban consumers who associate it with exclusivity and contemporary style. The Indian platinum jewelry market has expanded steadily, though it remains a fraction of the size of the gold jewelry market.

In India, gold holds an unrivaled position as both a cultural symbol and investment asset, while platinum is viewed primarily as a modern, premium jewelry metal. Gold is deeply embedded in Indian weddings, festivals, and savings traditions, whereas platinum is marketed as a symbol of love and exclusivity for a younger demographic. From a pricing perspective, platinum is often less expensive per gram than gold, which can surprise consumers who perceive platinum as rarer. Investment demand for platinum in India is minimal compared to gold, with very limited availability of platinum bars or coins through traditional jewelers.

Yes, platinum jewelry in India is subject to 3% GST, the same rate that applies to gold and silver jewelry. In addition to GST, imported platinum carries an import duty of approximately 12.5%, which is factored into the base price before GST is calculated. Making charges on platinum jewelry may attract a higher GST rate of 5%. These taxes combined with the import duty mean that the total cost of platinum jewelry in India includes a significant tax component above the raw metal value, which buyers should account for when comparing domestic prices to international spot prices.