In his Union budget speech on Thursday, the Indian minister of finance unveiled plans to reduce the level of customs duty levied on platinum.

Mr. Shri P. Chidambaram declared in his budget speech that import duty on platinum would drop from Rs. 550 per 10 grams to Rs. 200, giving a boost to the burgeoning platinum jewellery industry in India as well as other industries which use the metal.

Mr Chidambaram told parliament, "Platinum is a serious challenger to gold in the jewellery industry. Both should be treated alike. Hence, I propose to reduce the import duty on platinum". 

Vaishali Banerjee, manager (India) for Platinum Guild International  commented "We are very, very glad.. The two metals (platinum and gold) can coexist". 

Some analysts are tipping demand for platinum in India to rocket, with jewellery driving consumption of the precious metal.