JOHANNESBURG (miningweekly.com) – Young, bridal and self-purchasing jewellery consumers are emerging to contribute to platinum demand growth this year, the Platinum Guild International (PGI) reports.
In its ‘2017 Platinum Jewellery Business Review’, the PGI found strong consumer retail sales growth in the US, Japan and India for 2017 and noted that platinum jewellery had even outperformed gold in some areas.
“We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, which, together with an increasing preference for platinum among younger consumers, indicates growth potential in the platinum jewellery sector in 2018,” PGI CEO Huw Daniel commented.
Despite continued challenges from new legislation, the Indian jewellery industry has seen retail sales reported in platinum ounces increase by 21% year-on-year for the PGI programme and fabrication ounce demand growing at 34% year-on-year, compared with 14% year-on-year growth for gold jewellery, the PGI reported, adding that there is a strong preference for platinum among young consumers in India.
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