What Is the Platinum Price in India Today?#
The platinum price in India today is ₹5,297.72 per gram (converted OTC spot, 5 Oct 2026, 15:35 UTC), while the dollar spot price has moved +1.18% over 24 hours. One troy ounce costs ₹164,777.55, equal to $1,711.00. The widget flags quotes older than 15 minutes as delayed, and its second line adds the 15.4% import duty as an estimate: spot × USD/INR × 1.154.
Platinum group metal prices today, for platinum, palladium, rhodium, iridium, ruthenium and osmium, come from the same data feed as this rupee rate and are listed together on platinum group metal prices today.
Platinum Rate in India per Gram, 10 Grams, Tola and Kilogram#
One gram of platinum costs ₹5,297.72 in India today, 10 grams cost ₹52,977.21 and one kilogram costs ₹5,297,721.10 at the converted spot rate. The table lists the platinum rate in India for 6 weights with exact gram and troy-ounce equivalents.
| Weight | Grams | Troy ounces | Price in INR (live) | Price in USD (live) |
|---|---|---|---|---|
| 1 gram | 1 | 0.0321507466 | ₹5,297.72 | $55.01 |
| 10 grams | 10 | 0.321507466 | ₹52,977.21 | $550.10 |
| 1 tola | 11.6638038 | 0.375 | ₹61,791.58 | $641.63 |
| 1 troy ounce | 31.1034768 | 1 | ₹164,777.55 | $1,711.00 |
| 100 grams | 100 | 3.21507466 | ₹529,772.11 | $5,500.99 |
| 1 kilogram | 1,000 | 32.1507466 | ₹5,297,721.10 | $55,009.93 |
Larger weights scale in a straight line: 2 kg costs twice the kilogram row. The platinum price per gram underlies every row, and platinum price per gram today shows it in other currencies.
Ten grams is the standard Indian bullion quoting unit: IBJA and jewelers quote per gram and per 10 grams, according to the India Bullion and Jewellers Association (IBJA). The platinum price per 10 grams is the figure buyers compare with a jeweler's rate board; platinum price per 10 grams tracks it separately.
One tola equals 11.6638038 grams, exactly 3/8 of a troy ounce, fixed by Regulation VII of 1833, and survives as a legacy regional and wholesale unit, according to IBJA.
A tola converter turns traditional weights, such as the ten-tola bar of 116.638038 grams, into grams and troy ounces: see the tola converter.
Where Today's Platinum Rate in India Comes From: USD Spot and the IBJA Rate#
India's reference platinum rate is the IBJA Platinum999 rate, which the India Bullion and Jewellers Association publishes twice daily (AM and PM) in rupees, alongside its gold and silver rates. IBJA rates are the benchmark used across India's bullion, lending and jewelry trade.
This page uses a second series: the international platinum price today in US dollars per troy ounce, converted to rupees per gram at the live USD/INR rate and explained on platinum price today.
Two price series therefore set the platinum rate in India, as listed below.
- IBJA Platinum999 rate: the domestic INR benchmark for 99.9% platinum, published AM and PM.
- USD spot price per troy ounce: the quote this widget converts. Its London benchmark, the LBMA platinum price, is auctioned from 09:45 and 14:00 London time under ICE Benchmark Administration (IBA) since 1 July 2026; see LBMA platinum price.
The widget shows converted spot, not the IBJA rate, so the two can differ on the same day. Platinum price data sources, including the spot vendor and the USD/INR feed, are documented on platinum price data sources.
How Is the Platinum Price in India Calculated?#
The platinum price in India is the dollar spot price converted to rupees per gram, plus 15.4% import duty, a dealer premium and, on jewelry, 3% GST. The formula below builds the rupee rate from symbols; its only numbers are exact constants and dated rates.
Landed metal cost per gram (INR) ≈ (S ÷ 31.1034768) × FX × 1.154
S = USD spot price per troy ounce; FX = rupees per US dollar; 1.154 = 15.4% import duty (since 13 May 2026)
Jewelry bill (INR) = (grams × rate per gram) × 1.03 + making charge × 1.05
3% GST on metal value; 5% GST on making charges billed separately (Tally Solutions)
Retail rate = landed cost + dealer premium (varies by dealer and city)
An estimate from the live spot price; IBJA and dealer rates can differ.
Dividing by 31.1034768, the exact grams in a troy ounce, turns the ounce price into a gram price before the exchange rate and duty apply. Making charges, the jeweler's fabrication fee, carry their own 5% GST when billed separately.
Import Duty on Platinum in India: 15.4% Since 13 May 2026#
India charges 15.4% import duty on platinum since 13 May 2026, when Customs Notifications 15/2026 to 18/2026, dated 12 May 2026, reversed the cut to 6.4% made in the Union Budget 2024-25. The government gave its reasons as protecting macroeconomic stability, the current account and foreign exchange reserves amid global uncertainty. The three duty periods, with gold alongside, are shown below.
| Period | Import duty on platinum | Instrument | Gold (same dates) |
|---|---|---|---|
| Up to 23 July 2024 | 15.4% | Rate before the Union Budget 2024-25 | 15% |
| 24 July 2024 to 12 May 2026 | 6.4% | Union Budget 2024-25 | 6% |
| From 13 May 2026 | 15.4% | Customs Notifications 15/2026 to 18/2026 (12 May 2026) | 15% |
The May 2026 rise lifts the landed cost of imported platinum by 8.5% at a constant dollar price and exchange rate (a DailyPlatinum calculation): metal worth 100 before duty cost 106.4 with duty until 12 May 2026 and 115.4 from 13 May 2026, and 115.4 ÷ 106.4 = 1.085. Gold's step from 106 to 115 gives the same 8.5%.
GST on Platinum Jewelry in India: 3% on Metal, 5% on Making Charges#
Platinum jewelry in India carries 3% GST on the metal value and 5% GST on making charges billed separately, according to Tally Solutions, under HSN code 7113 together with gold, silver and diamond jewelry. The 3% rate was kept, not moved into a standard slab, when the GST 2.0 rate structure took effect on 22 September 2025. A platinum jewelry bill is calculated in 4 steps, listed below.
- Weigh the piece in grams.
- Multiply the weight by the jeweler's platinum rate per gram for the piece's purity.
- Add 3% GST to that metal value.
- Add the making charge plus 5% GST on it, where the jeweler bills making separately.
The GST rate on platinum bars and coins is not established in DailyPlatinum's sources, so this page applies the 3% and 5% rates to jewelry only.
Platinum Rates in Indian Cities: Why They Differ#
Platinum rates differ between Indian cities because of dealer premiums, making charges and logistics, not tax: GST is one national rate that replaced state VAT on 1 July 2017, according to Tally Solutions. Import duty is also set nationally, by Customs notification, so a Mumbai and a Kolkata jeweler start from the same converted spot rate and the same 15.4% duty. The 10 city pages below track local platinum rates.
| City | Local rate page |
|---|---|
| Mumbai | platinum rate in Mumbai today |
| Delhi | platinum rate in Delhi today |
| Chennai | platinum rate in Chennai today |
| Bangalore | platinum rate in Bangalore today |
| Hyderabad | platinum rate in Hyderabad today |
| Kolkata | platinum rate in Kolkata today |
| Pune | platinum rate in Pune today |
| Ahmedabad | platinum rate in Ahmedabad today |
| Surat | platinum rate in Surat today |
| Kerala | platinum rate in Kerala today |
Same GST (3% on metal, 5% on making) and 15.4% import duty in every city; the differences are dealer premium and logistics.
What Moves the Platinum Price in India?#
The platinum price in India moves on 4 factors: the dollar spot price, the rupee-dollar exchange rate, import duty and Indian jewelry demand, listed below with dated evidence.
- Dollar spot price: WPIC forecasts a 265,000-ounce global surplus for 2026 (9 September 2026).
- Rupee-dollar exchange rate: a weaker rupee raises the rupee rate at an unchanged dollar price.
- Import duty: 15.4% since 13 May 2026, up from 6.4%.
- Indian jewelry demand: 247 koz in 2025, about 260 koz forecast for 2026 (Metals Focus).
What drives the platinum price in dollars, from mine supply to automotive demand, reaches India through the first factor; see what drives the platinum price.
The Rupee-Dollar Exchange Rate#
A weaker rupee raises the platinum price in India even when the dollar price falls: WPIC's Platinum Quarterly Q1 2026 (18 May 2026) reports that the February-March 2026 price correction "proved ineffective, as rupee depreciation offset the decline". Indian fabrication fell 15% year on year to 45 koz (about 1.40 t) in Q1 2026, the lowest quarter since Q3 2023.
The exchange-rate effect is proportional: the rupee rate per gram equals the dollar price per gram × FX × 1.154, so a 1% fall of the rupee against the dollar adds 1% to the rupee rate. The calendar adds a second effect; WPIC notes that "March, the end of India's fiscal year, also saw slower activity and inventory build among retailers".
Indian Platinum Jewelry Demand, 2016 to 2026#
India used 247,000 troy ounces (247 koz, about 7.68 t) of platinum in jewelry in 2025, up from 145 koz in 2016, according to WPIC's Platinum Quarterly Q1 2026 (18 May 2026). That is 11.2% of global jewelry demand of 2,214 koz on the same basis. Indian demand peaked at 266 koz in 2024, after a low of 59 koz in 2020.
| Year | India platinum jewelry demand (koz) | Tonnes (DailyPlatinum conversion) |
|---|---|---|
| 2016 | 145 | 4.51 |
| 2017 | 175 | 5.44 |
| 2018 | 195 | 6.07 |
| 2019 | 109 | 3.39 |
| 2020 | 59 | 1.84 |
| 2021 | 123 | 3.83 |
| 2022 | 171 | 5.32 |
| 2023 | 203 | 6.31 |
| 2024 | 266 | 8.27 |
| 2025 | 247 | 7.68 |
| 2026 forecast | about 260 | about 8.09 |
Source: WPIC Platinum Quarterly Q1 2026, Table 5: SFA (Oxford) data for 2016-2018, rounded to 5 koz, and Metals Focus from 2019, which WPIC says "may not have been prepared on the same or a directly comparable basis". 2026: Metals Focus forecast.
Metals Focus forecasts a 5% rise to about 260 koz in 2026, making India one of two major markets expected to grow in fine-ounce terms, with Europe. It names store expansion, rising consumer awareness and a widening gold-platinum price gap as supports.
Indian platinum jewelry is also export-weighted. In Q1 2026 the UK replaced the US as the top export destination, according to Metals Focus, which expects the US, UK and UAE to lead in 2026. Johnson Matthey (May 2026), on its own basis, records Indian fabrication up 5% in 2025, with export volumes down about a third as US shipments "dried up due to high import duties". Indian jewelers' UAE manufacturing units also reduce recorded Indian exports (Metals Focus); the platinum price in the UAE is on platinum price in the UAE.
Global Supply and Demand: WPIC's 2026 Forecast#
WPIC forecasts a 265,000-ounce (265 koz) global platinum surplus for 2026 in its Platinum Quarterly of 9 September 2026, after a 2025 deficit of over 1.4 million ounces. The swing comes mainly from investment: WPIC now expects 83 koz of net disinvestment in 2026. Global jewelry demand is forecast to fall 15%, industrial demand to rise 5% and automotive demand to fall 4%, and above-ground stocks are forecast to cover 3.4 months of global demand at the end of 2026.
These WPIC figures are never combined with Johnson Matthey's balances, which use a different basis. The platinum group metals market balance by segment, with both houses' series, is on platinum group metals market.
Platinum Purity and Hallmarking in India#
Platinum purity in India is marked in parts per thousand, such as Pt950 for 95% platinum, and no government hallmark is compulsory for it. Two marks cover the Indian market: Pt950 on jewelry and Platinum999 on the benchmark rate IBJA quotes.
Pt950 and Platinum999: What Indian Purity Marks Mean#
Pt950 means 950 parts per thousand of platinum, the variant the WPIC glossary calls "the most common", with the rest of the alloy made of other metals such as cobalt or copper; Platinum999 is the 99.9% grade IBJA quotes. The two marks compare as follows.
- Pt950: 95.0% platinum and 5.0% alloy metal, the standard jewelry grade, explained on 950 platinum (Pt950).
- Platinum999: 99.9% platinum, the grade behind IBJA's AM and PM benchmark rate.
Indian platinum jewelry is typically stamped Pt950 and sold under branded quality programs run by Platinum Guild International (PGI) India, such as Platinum Evara, Men of Platinum and Platinum Love Bands, according to the retailer guide Jewelove.
The metal counted in both marks is platinum (Pt), element 78 in the periodic table, CAS number 7440-06-4, with an atomic mass of 195.08 (PubChem). Its properties are covered on platinum (Pt), element 78.
Is Platinum Jewelry BIS Hallmarked in India?#
No: BIS mandatory hallmarking in India covers only gold and silver. The Bureau of Indian Standards states in its hallmarking FAQ: "In India, at present two precious metals namely gold and silver have been brought under the purview of Hallmarking." BIS certification for platinum is a voluntary option a retailer may choose, according to Jewelove, so Indian buyers rely on the Pt950 stamp rather than a compulsory state hallmark.
Platinum hallmarks are compulsory in other jurisdictions, such as the UK under the Hallmarking Act 1973. Those marks and their assay offices are compared on platinum hallmarks.
Platinum vs Gold Price in India Today#
Platinum costs 41.4%% of the gold price in India today, ₹5,297.72 against ₹12,804.94 per gram at converted spot. That percentage is the platinum-to-gold ratio: below 100%, platinum is the cheaper metal. Four Indian rules treat the two metals differently or alike, as the table shows.
| Measure | Platinum | Gold |
|---|---|---|
| Price per gram, converted spot (live) | ₹5,297.72 | ₹12,804.94 |
| Import duty since 13 May 2026 | 15.4% | 15% |
| Import duty, 24 July 2024 to 12 May 2026 | 6.4% | 6% |
| GST on jewelry (GST 2.0, since 22 September 2025) | 3% on metal, 5% on making | 3% on metal, 5% on making |
| BIS mandatory hallmarking | No | Yes |
| IBJA benchmark rate | Yes (Platinum999) | Yes |
The 0.4-point duty gap barely moves the ratio: at the same dollar prices, platinum's landed cost relative to gold is 1.154 ÷ 1.15 = 1.0035 times the spot ratio, 0.35% higher (a DailyPlatinum calculation). The price gap between the two metals is set in the dollar market, and the wider comparison of rarity, value and investment is on platinum vs gold.
Why Platinum Has Cost Less Than Gold Since 2015#
Platinum has traded below gold continuously since 2015 (metalcharts), the year of the diesel emissions scandal that BullionVault identifies as the turning point: "since the 2015 diesel scandal, platinum's price has trailed that of gold." The discount reached its extreme on 16 April 2025, when gold cost 3.45 times as much as platinum (GuruFocus), a platinum-to-gold ratio of about 0.29. Even platinum's all-time high of $2,923 per troy ounce on 26 January 2026 (WPIC; $2,860 on Johnson Matthey's base price) left the ratio below 0.55, because gold set its own record of $5,608.35 that month (Trading Economics).
WPIC wrote in August 2026 that "the platinum price remains significantly below the price of gold". Why platinum is cheaper than gold is explained on why platinum is cheaper than gold.
In India the discount feeds demand: Metals Focus finds that a wider gold-platinum gap raises platinum's share of retail inventory, and warns that "substitution benefits will erode" if platinum rises sharply.
Buying and Selling Platinum in India#
Platinum buyers and sellers in India trade against the same IBJA and spot rates, with GST, making charges and dealer spreads added or deducted. Investing in platinum through bars, coins, ETFs and futures is compared on investing in platinum.
How to Buy Platinum in India: Bars, Coins and Jewelry#
Platinum in India is sold as jewelry by jewelers and as bars and coins by refiners and bullion dealers; WPIC's Platinum Quarterly Q1 2026 notes that "In 2025, very few retailers sold platinum investment products, with demand largely met by refineries and bullion dealers." Manufacturers have since built bar and coin capacity, the same report adds. How to buy platinum in other forms is on how to buy platinum. The 3 physical forms are listed below.
- Jewelry: usually Pt950, priced at the jeweler's rate plus making charges, 3% GST on metal and 5% on making.
- Bars: from refiners and bullion dealers; sizes and brands are on platinum bars.
- Coins: same channels; no India-specific platinum coin program is recorded in DailyPlatinum's sources, and international issues are on platinum coins.
Platinum Resale Value in India#
Platinum's resale value in India is paid on its platinum content, not the jewelry bill: a Pt950 piece is 95% platinum, and the GST and making charges paid at purchase are not part of the metal value. For a hypothetical 10 g Pt950 ring, the platinum content is 9.5 g, so an offer starts from 9.5 × the rate per gram, less the buyer's spread or refining charge.
How assay and refining charges set the scrap platinum price is explained on scrap platinum price.
In the platinum trade every custody transfer, from refinery intake to bar issue, is settled on assayed content. Selling platinum jewelry for scrap is covered in selling platinum jewelry for scrap.
Platinum Price History, Forecast and Other PGM Prices in India#
DailyPlatinum tracks platinum's all-time high of $2,923 per troy ounce (26 January 2026, WPIC) and the price history, forecast and chart behind it on the pages listed below, with rupee rates for other PGMs.
- History: annual US dollar prices, highs and lows on platinum price history.
- Forecast: WPIC's 265 koz 2026 surplus and other named outlooks on platinum price forecast.
- Chart: live and historical prices on platinum price chart.
- 10 grams: platinum price per 10 grams today.
- Other PGMs in rupees: palladium price in India today, rhodium price in India today, iridium price in India today.
- Neighboring and export markets: platinum price in Pakistan today; platinum price in the UK today, the top export destination in Q1 2026.
Platinum Price in India FAQ#
Is there 24 carat platinum in India?#
No: platinum is not measured in carats; its purity is written in parts per thousand, so the purest grade IBJA quotes is Platinum999 (99.9%). Pure-platinum jewelry marked Pt999 or PT1000 is used mainly in Japan and China; Indian jewelry is usually Pt950.
Is platinum more expensive than gold in India?#
No: platinum has cost less than gold since 2015, and today one gram of platinum costs ₹5,297.72 against ₹12,804.94 for gold. The full platinum vs gold comparison covers price, rarity and value.
What does 1 kg of platinum cost in India?#
One kilogram of platinum (32.1507466 troy ounces) costs ₹5,297,721.10 in India today at the spot rate, before import duty and GST at retail. With the 15.4% duty, the landed cost is that figure × 1.154. The platinum price per kilogram in dollars is on platinum price per kilogram.
Where will the platinum price be in 5 years?#
No published forecast in DailyPlatinum's sources covers 5 years; WPIC's latest forecast (9 September 2026) is a 265,000-ounce surplus for 2026. Johnson Matthey's May 2026 report, on its own basis, shows a fourth consecutive platinum deficit. Named outlooks are compared on platinum price forecasts.
Is platinum a good investment in India?#
Platinum differs from gold as an Indian holding in import duty and hallmarking: 15.4% duty against gold's 15%, and no compulsory BIS hallmark. DailyPlatinum gives no investment advice; the routes and costs of investing in platinum are compared separately.
Where can you buy platinum in India?#
Platinum is sold in India by jewelers, refiners and bullion dealers, as jewelry, bars and coins (see the buying section above). The general steps are in how to buy platinum.