PGI forecasts 2.3% growth in platinum jewellery demand

 

NEW DELHI (Scrap Monster): The second Annual Retail Barometer Report published by the Platinum Guild International (PGI) forecasts that worldwide platinum jewellery demand will grow by 2.3% in 2015. The demand is anticipated to touch 2.83 million ounces during the year, compared to 2.77 million ounces sold in 2014. The findings are based on a survey conducted across four leading platinum markets in the world- China, India, Japan and the US.

 

The weaker platinum prices during recent months resulted in increased sale of platinum jewellery in key markets across the world. Since mid-January, platinum metal prices have remained below gold prices. There has been a phenomenal rise in the number of retail outlets selling platinum jewellery in India. The recently launched ‘Evara’ wedding jewellery collection has become immensely popular among Indian youth.

 

According to the report, India will witness huge demand growth for platinum jewellery during the current year. The sales are expected to surge higher by 25% in 2015, as compared with the previous year. The US market will also see an expansion of 7% in platinum jewellery sales. The Japanese retail sale of platinum jewellery is anticipated to increase by 1% over the previous year. Meantime, Chinese platinum jewellery market is expected to remain steady in 2015.

 

The Retail Barometer report also throws light on how key platinum markets performed during the year before. As per the report, platinum jewellery demand in India increased nearly 28% in 2014. The retail sales in the US and Japan grew by 8% and 3% respectively during the year. However, retail platinum market witnessed 3% decline in China on account of economic slowdown.

 

More than 400 jewellery retailers participated in the survey conducted by independent platinum market specialists and industry analysts.