Platinum Guild International (PGI) CEO Huw Daniel talked to Mining Weekly this week, claiming that “significant demand growth is underway in the platinum jewelry market” in 2018.
According to the report, the platinum jewelry market “remains the second biggest ounce contributor to platinum demand at 2.5-million ounces of yearly fabrication, some 35% of total demand”.
Daniel told the website that the price of platinum “is really helping us in many of our markets where we’re competing against 18ct gold”. Daniel added that China is the biggest market at around 1.7-million ounces, followed by Japan with just over 500 000 ounces. The US is in third place with “about 300 000 oz and then India at 175 000 oz”. According to him, “India is growing at the fastest rate of about 24% a year and is on track to be a 500,000 oz market by 2023”.
“Generally, we’re feeling very good about the position of platinum in jewelry and we look forward to a good year”, he said.
