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Platinum Demand Up

Platinum Demand Up

Gold Silver Reports — Demand for platinum will remain robust in India in the second half of 2016 as preference for the metal grows among young consumers amid a 10-12% price differential with gold, according to Huw Daniel, CEO of Londonbased Platinum Guild International . 

Platinum Demand Up

Platinum imports for jewellery are expected to go up 25% this year to touch 8.3 tonne .

As against this, platinum demand in China, which has surpassed India in gold consumption, is not likely see any growth in the second half of the year, though the 3-4% fall in demand seen in the first half could be arrested, Daniel told ET over the phone from Mumbai .

China is the world’s largest consumer of platinum jewellery , accounting for 65% of the total world consumption .

Platinum prices are now at their decade’s low and the spread between gold and platinum prices has created a buying opportunity for consumers as well as margin opportunities for retailers .

On Tuesday , platinum was selling at `28,000 per 10 gm, while gold was at `31,000 per 10 gm. Gold has gained about 25% since the beginning of this year .

“Price is a major factor among youths who want to own platinum,“ said Kalpanik Choksi, director, Ishwarlal Harjivandas Jewellers. “This is driving the growth of platinum. Secondly, the bridal line of platinum jewellery ­­ Evara ­­ which was earlier available at `4 lakh, is now available at `2 lakh. This has become popular among young brides . “

Platinum jewellery witnessed a mixed trend in global markets in the first half of 2016. In the second half, sales growth will be restrict ed to 8% in the US as against 10% in the first half, while Japan will be able to maintain sales growth at 3-4% .

In India, platinum jewellery grew 16% in the first half as a 42day strike called by jewellery makers against imposition of a 1% excise duty on gold and diamond jewellery affected sales.But in the second half, platinum jewellery sales will grow at least 40%, Platinum Guild International said. Last year, platinum jewellery sales grew 24%. Of this, 53% was dominated by studded platinum jewellery .

Daniel said India is an interesting market for them and Platinum Guild International is working out marketing plans for the next 5-10 to reach out to young Indians . — Neal Bhai Reports

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