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Precious Metals

Low platinum cost pushes jewellery demand

platinum

For budget-conscious ring-bearers, the preferred material might be platinum.

According to Platinum Guild International, the low platinum price in 2016 had retailers stocking up on the precious metal, with Indians and Americans the most likely to put a platinum ring on it. In India platinum demand soared 11.4%, while in the U.S., demand grew 5.4%.

Jewellery is the second-largest market for platinum behind autocatalysts.

“Platinum’s relative strength in challenging market conditions is rooted in the unique space that platinum occupies in the jewellery category, bought more for its emotional meaning, and less for wealth preservation and transference,” said Huw Daniel, CEO of Platinum Guild International, which is funded by South Africa’s platinum mining industry.

Paul

The author Paul