Platinum jewellery demand recovery encouraging � PGI
Industry organisation Platinum Guild International (PGI) highlights jewellery as an important demand segment for platinum, accounting for around 25% of total yearly platinum demand.
It cites data that shows that platinum jewellery demand declined significantly between 2014 and 2023 owing to shrinking demand in China, which was, for many years, the largest market for platinum jewellery, peaking in 2014 at two-million ounces of demand.
The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out.
It notes that a key factor in the recovery of the platinum jewellery market is the scale of growth in demand outside of China over the last decade, estimated at 1.6-million ounces in 2024 compared with one-million ounces in 2014, which is now compensating for the loss of demand in China.
Further, China itself is showing signs of a recovery � albeit fragile � with a narrow return to growth forecast for this year, PGI informs.
Research conducted by PGI has identified a strong interest in platinum among consumers for Valentine�s Day, and platinum is also noted as a preferred precious metal for several high-quality jewellers owing to its durability and strength.
PGI points out that in most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750.
It posits that platinum�s purity provides a high-quality, durable and hypoallergenic product.
Source: https://www.miningweekly.com/