Guwahati: If you are dreaming beyond gold and diamonds, now is the right time. Yes, the price of platinum - another metal renowned for use in jewellery - is now less than gold!

"Yes, the price of platinum is now reduced", a staff member of the well-known Manik Chand Jeweller confirmed to Business North East. “It is even less than gold”. 

Similarly, a staff member of Tanishq Caratlane staff in City Centre, Guwahati's largest mall, said that the price has been reduced recently. "Platinum prices have declined even though supplies have come up short of demand", the Tanishq employee informed this outlet. "The lower prices have dulled incentives for miners."

In Guwahati, the price of platinum per gram till yesterday was Rs 3543 while 10 grams will cost Rs 35,430, according to tracking site Bank Bazaar. On the other hand, 24-carat pure gold carries a hefty price tag Rs 7,324 in the Assam capital.

Platinum prices have declined despite supply coming short of demand, reducing incentives for Platinum Group Metals (PGM) miners. Prices for most-active platinum futures lost 6.8 percent last year and trade more than 8 percent lower this year to date, according to Dow Jones Market Data. 

The price drop is partially due to supply disruptions from main PGM producers South Africa and Russia, which haven't been as disrupted as predicted. Declines in currencies haven't offset lower prices in US dollars and production cost inflation, putting the profitability of their miners at risk.

The platinum group metals (PGMs) comprise six elements: platinum, palladium, rhodium, ruthenium, iridium, and osmium. A bulk of Russia's production of PGMs comes from Norilsk Nickel's operations, primarily based on the Taymyr Peninsula in East Siberia and those located on the Kola Peninsula.

Platinum was once among the most valued precious metals, trading at a premium over gold for many decades. However, since the global financial crisis in 2008, platinum has struggled to match the performance of gold and other precious metals.

The economic downturn suppressed demand from key platinum end-users, while investor appetite shifted towards gold as a safe-haven asset. This divergence drove gold prices sharply higher while platinum languished. Many analysts believe the crash in 2008 permanently damaged investment interest in the metal, leading to its reliance on industrial and jewellery applications.

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