Last Updated :
01 October 2009 at 16:45 IST
Platinum demand rises by 80% in China
BEIJING (Commodity Online): In a new trend, China is going the
Platinum way. The rise in
Gold prices has added to that trend now.
According to a new study, platinum jewellery demand in China is continuing to skyrocket.
Shanghai Gold Exchange found that the total volume of platinum bought by Chinese consumers in the first half of 2009 rose by 81 per cent on a year-on-year basis.
This market response highlights the strength of platinum jewellery branding and the different nature of Chinese platinum jewellery demand, as economic conditions continue to depress jewellery sales in most western markets.
The Chinese market is unsaturated and the number of retail outlets continues to grow. In an earlier report, the vast majority of the rise in platinum consumption was accounted for by the jewellery sector, which was estimated to have been gone up more 400,000 oz compared to H1 2008.
The upsurge can be explained by factors such as the Chinese New Year, Valentine’'s Day and the May holiday, while 2009 is an auspicious year for marriage in the country.
China has been the world’s largest
Platinum jewellery market for the past nine years and the Shanghai
Gold Exchange findings were supported by a similar survey last year.
Leading research agency Millward Brown polled 1,000 high-earning Chinese females aged between 20 and 40 in five major cities about their preferences in relation to jewellery.
The results showed that 40 per cent believe platinum pieces are the most refined on offer, while over 50 per cent revealed that platinum is their favourite precious metal.
Platinum prices have held steady to date, providing an opportunity for further growth in platinum jewellery demand.
Increased sales have been helped additionally by new store openings and manufacturers holding larger working stocks to meet increased demand."
The Shanghai Gold Exchange revealed earlier this month that it expects platinum sales in China to increase by approximately 70 per cent this year.
MCX BARLEY 20 March 2012
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