To make platinum accessible to the common consumers, Muthoot Exim, the precious metals division Muthoot Pappachan Group on Thursday launched the country's first-ever non-jewellery platinum products.
The company has introduced Lord Ganesha idol in 3g, 6g and 9g of 95 per cent purity of platinum for up to six months installment basis. Under the scheme, a buyer can fix the price after paying 15 per cent as upfront money on a condition of paying the remaining 85 per cent in up to six equal installments. Consumers, however, would have options to pay earlier to get the delivery of the product. The 3g idol is available at Rs 10,500 and 6gm at Rs 20,500. Consumers will have to forego around 30 per cent of making charges on selling the idol back to Muthoot Exim.
Named as "Anantavarsham Platinum Series", the new range of non jewellery products aims to give Indian customers unprecedented access to affordable platinum products, purchased via savings and accumulation plans. The launch is part of a new partnership with the World Platinum Investment Council intended to further stimulate and service the growing demand for physical platinum in India.
"Through these images of deities, Muthoot Exim is setting new standards for innovation, excellence, affordability and accessibility in the Indian platinum market. Expanding into platinum is a natural step for us, and we are especially proud to be working with the WPIC to expand our product offering," said Keyur Shah, CEO, Muthoot Precious Metals Division, Muthoot Pappachan Group.
The launch assumes significance in terms of muted consumers' response for platinum purchase due to its availability in limited locations and its price higher than gold. Consequently, platinum is yet to be accepted as a investment options by Indian consumers despite having double digit growth in its consumption for the last few years.
Trade sources estimate India's platinum consumption at around 20 tonnes in all forms. But, platinum is yet to get accepted as an investment product as a preferred choice. Around 40 per cent of global platinum output is used as auto catalyst, another 30 per cent for jewellery making, 10 per cent as other catalyst and 10 per cent as investment.
"Globally consumers are bullish about platinum and hence, it's a big opportunity for buyers as its price is currently prevailing at a discount to gold. Since, the availability of this metal is restricted to just limited countries, platinum will remain rare metal. We are very bullish about India," said Marcus Grubb, Director, Market Development, World Platinum Investment Council.
City based Orra claims to have launched platinum pendent with Lord Ganesh idol over 7-8 years ago with very good acceptability among consumers.