BEIJING (Commodity Online): With more and more people buying platinum jewellery in China market analysts have said that platinum sales will up by around 70 per cent in China in 2009.

According to reports, platinum sales will be around 1.4 million ounces in China this year. Hong Kong has already imported more platinum in the first half of this year than in the whole of last year.

Shanghai Gold Exchange, which is a proxy for platinum jewellery, is almost at last year’s levels, and that is before this year’s main buying season, which starts at the end of October holidays.

Much of the slack in platinum has been provided by lower automotive sales has been taken up by jewellery.

Hong Kong imported nearly 750 000 oz of platinum to the end of June, above the 600 000 oz for the whole of 2008, and the Shanghai Gold Exchange has traded more than 625 000 oz in the same six-months period, already close to the total of 700 000 oz traded during the whole of last year.

Meanwhile, gold has reached all time high in Pakistan’s history, as its price has touched the highest level of Rs 25,714 up Rs 532/10 gram.

The surge in gold price has been occasioned by the dollar depreciation in the international market and large-scale purchase of gold by India.

Also, per tola price of gold has climbed up to Rs 30,000 for the first time.