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A report by Platinum Guild International shows an increased demand for platinum
A report by Platinum Guild International shows an increased demand for platinum

Big demand for platinum jewellery in China, India

A new demand for platinum in jewellery by Asian giants – China and India – has been reported by the Platinum Guild International (PGI).

Platinum jewellery accounted for 70 per cent of platinum demand in China, with 12 million pieces sold each year and India is on track to contribute 500,000 ounces for jewellery manufacturing by 2023, according to PGI in its maiden report.

Platinum jewellery is shifting to a consumer-centric business model in China, and in India demand for platinum in the jewellery sector is accelerating at the fastest rate.

According to the 2018 first quarter report by PGI, platinum outperforms all other categories in India with robust growth for platinum retail sales reported among partners at 25 per cent, outperforming gold and diamond jewellery.

Unlike in the US, Japan and Europe, 80 per cent of China’s platinum jewellery is unbranded, and as such, PGI CEO Huw Daniel is working with the industry to ensure it meets consumers’ expectations.

“We are seeing that consumer preferences are changing very fast and the industry cannot rely on outdated designs and homogenous products in a day and age where design-driven branded collections hold more value,” Daniel was quoted as saying.

“We have seen some great successful stories, demonstrating such changes not only meet the evolving needs of Chinese jewellery consumers, but also deliver real economic benefits to our partners, with a growing share of platinum business in their product portfolio.”

Not only have consumer demands shifted, but demand in the market has increased. Significant increase in the demand for platinum jewellery in China has made the sector the second biggest ounce contributor for the metal, accounting for 35 per cent of total demand at 2.5 million ounces of yearly fabrication.

“We’re seeing a lot of growth in the market. Obviously, the platinum price is really helping us in many of our markets where we’re competing against 18-carat gold,” Daniel told Mining Weekly Online in an exclusive interview.

“We’ve been very fortunate in the support that the platinum mining industry continues to give to PGI, bearing in mind the current context of the industry.”


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Thursday, 18 October, 2018 05:44am
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