Platinum Prices Continue to Rise After Import Duty Hike; Check Latest Rates for May 14

Platinum prices remained on an upward trend on Thursday, May 14, as the precious metals market continued reacting to the government’s recent increase in import duty on gold and silver. The sharp revision in import taxes has triggered fresh volatility across the bullion market, impacting not only gold and silver but also alternative precious metals such as platinum.

According to the latest market rates, platinum prices rose by nearly ₹670 per 10 grams compared to the previous trading session. The metal is currently trading around ₹65,360 per 10 grams across major Indian cities.

Market experts believe the recent government decision to raise import duty on gold and silver from 6% to 15% has significantly altered buyer sentiment in the jewellery market. As gold prices continue touching record highs, consumers are increasingly exploring more affordable and stylish alternatives, leading to rising interest in platinum jewellery.

Platinum Demand Rising as Gold Becomes Expensive

The continuous surge in gold prices has started influencing consumer buying behavior across India. With gold prices approaching nearly ₹1.50 lakh per 10 grams in some markets, many buyers are becoming more cautious before making jewellery purchases.

Traditionally, Indian consumers preferred 22-carat and 24-carat gold jewellery for weddings, gifting, and investment purposes. However, rising prices are now encouraging customers to consider lighter, more budget-friendly options.

Jewellery retailers say demand for:

18-carat jewellery
14-carat jewellery
9-carat jewellery
has increased significantly in recent months.

These categories are becoming popular because they offer:

Lower prices
Modern designs
Lightweight styling
Better affordability for younger buyers

Why Young Buyers Are Choosing Platinum

Jewellers report that platinum jewellery is witnessing growing popularity, particularly among younger consumers who prefer minimalist and contemporary designs.

Unlike traditional heavy gold jewellery, platinum is often associated with:

Elegant appearance
Modern fashion trends
Premium but subtle styling
Daily-wear jewellery options

Experts believe changing lifestyle preferences and rising gold prices are together pushing platinum into the spotlight.

Retailers are also launching:

Lightweight collections
Affordable designer pieces
Contemporary fashion jewellery

This strategy is helping attract customers who want stylish jewellery without spending excessively on gold.

Bullion Market Seeing Broader Changes

The government’s import duty hike has created major movement in the bullion sector. Since India depends heavily on imported precious metals, higher duties immediately impact domestic prices.

While gold and silver remain the dominant investment and jewellery choices, platinum is increasingly benefiting from:

Shifting consumer preferences
Affordability compared to gold
Fashion-driven demand
Growing urban interest

Analysts say if gold prices continue rising sharply, platinum demand may strengthen further in the coming months.

Platinum Rates on Thursday, May 14, 2026 City Platinum Rate Per Gram Platinum Rate Per 10 Grams

Delhi	₹6,536	₹65,360
Mumbai	₹6,536	₹65,360
Ahmedabad	₹6,536	₹65,360
Chennai	₹6,536	₹65,360
Kolkata	₹6,536	₹65,360
Hyderabad	₹6,536	₹65,360
Jaipur	₹6,536	₹65,360
Kerala	₹6,536	₹65,360
Lucknow	₹6,536	₹65,360
Bengaluru	₹6,536	₹65,360
Indore	₹6,536	₹65,360
Surat	₹6,536	₹65,360
Nagpur	₹6,536	₹65,360
Raipur	₹6,536	₹65,360

Experts Advise Careful Buying Decisions

Financial experts say buyers should carefully evaluate their purpose before purchasing precious metals. Jewellery purchases made purely for fashion may differ from investment-oriented buying strategies.

Investors are also advised to monitor:

Global precious metal prices
Import duty policies
Currency fluctuations
International market sentiment

Since bullion prices can remain volatile during periods of economic uncertainty and policy changes, experts recommend avoiding panic buying during sharp rallies.

Still, with changing consumer trends and growing demand for affordable luxury jewellery, platinum appears to be steadily gaining attention in India’s evolving jewellery market.