Platinum Rates In India: Beyond Gold & Silver, Customs Duty Is Hiked On White Metal To 15.4%; Know Impact

Amidst hikes in gold and silver import duty, there is another precious metal which has witnessed a significant jump on May 13. This is because customs duty is hiked on this shiny metal as well. This is called platinum.

Platinum Custom Duty Hike:

The government has hiked the import duty on platinum to 15.4% from the earlier 6.4%. This is doubled the duty rate. Hence, platinum prices are expected to significantly jump ahead.

Platinum is among the multibaggers in commodities. It has definitely outperformed gold on a year-on-year basis and even since the US-Israel-Iran war.

Platinum Rates In India:

Following the latest revision in duty, platinum rates surged in India on May 13. 10 grams platinum jumped by Rs 370 to Rs 64,690, while 100 grams platinum soared by Rs 3,700 to Rs 6,46,900. Additionally, 8 grams platinum is up by Rs 296 to Rs 51,752 and 1 gram platinum is up by Rs 37 to Rs 6,469.

Platinum is cheaper in India compared to gold and silver. Also, platinum has skyrocketed by 141.6% on a year-on-year basis. Platinum stood at Rs 2,678 per 1 gram on Mau 13, 2025.

As per Gaurav Garg, research analyst at Lemonn markets desk, the uptick in precious metals is largely attributed to India's recent decision to hike import tariffs on gold and silver to 15%, which is expected to tighten domestic supply and push local prices higher. Additionally, ongoing geopolitical tensions and rising inflation have bolstered safe-haven demand for gold, keeping sentiment positive.

IBJA Platinum Rates Today:

At IBJA, platinum is priced between Rs 67,679 to Rs 69,865 in 999 purity.

Platinum Futures Today:

Unlike gold and silver who are trading lower in the international market, platinum traded near three-week highs to above $2,130 per ounce despite elevated inflation.

As per Trading Economics, Ongoing difficulties in US-Iran diplomacy have heightened fears of prolonged disruption to the key shipping route, while reports indicated that President Trump is set to meet his national security team to discuss possible renewed military operations and measures to escort commercial shipping through Hormuz. This kept energy prices elevated and expectations of further central bank rate hikes, dampening demand for non-yielding assets. Meanwhile, the platinum market remains structurally tight, with output concentrated in South Africa and Russia, making production highly vulnerable to disruption. In South Africa, aging mines, high power costs, and only gradual gains from new projects continue to limit growth, while Russia faces sanctions-related constraints.

Is Platinum A Good Investment?

In March, Shriram Finance's blog post said, whether platinum suits a portfolio depends on risk tolerance and confidence in future industrial demand, particularly from automotive and hydrogen technologies. Its price tends to be sensitive to economic cycles and industrial activity, which can lead to higher volatility. Investors should view platinum primarily as a cyclical industrial metal and consider allocating it carefully within a diversified portfolio.

The blog further explained, platinum can be a smart investment for diversification and exposure to industrial demand, but it is typically more volatile than gold and silver. Its price is influenced by both investor interest and industrial usage, particularly in the automotive sector. Unlike traditional safe-haven metals, platinum behaves more like an industrial commodity. Understanding its trends, benefits, and risks helps determine whether it fits within a diversified portfolio.

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