Platinum jewellery has been witnessing remarkably high demand in China this year, following a prosperous 2008. "Platinum jewellery sales in China increased by more than 400,000 ounces, compared to the same period in 2008, largely in response to lower platinum prices, but also given the reduced premium over gold,”said Neville Nicolau, chief executive of Anglo Platinum, the world's largest producer of platinum.
According to the statistics published by the Shanghai Gold Exchange, that the total volume of platinum sold in the first half of the year was up 81 percent over the same period last year. The majority of the sales were in the jewellery category.
This high demand has been further fuelled by holiday-related jewellery sales and for bridal rings, which were helped by 2009, which is considered an auspicious year for getting married and an increasing desire for platinum, reported China Daily.
According to China Wedding Registry, 10.5 million couples registered their marriages in 2008, a 10.6-percent increase in year-on-year growth. It is estimated that marriages will see 6-percent growth to 11.5 million marriages in 2009, and that marriages will number 11.82 million in 2010.
Grace Man, director of Platinum Guild International (PGI) China, citing the booming wedding market and stable platinum prices, is optimistic about year-end prospects. "These factors, together with the focus of PGI and the upbeat confidence of the industry, make us confident of the future development of the platinum jewellery industry in China," Ms Man said. This year, PGI promoted platinum sales by inviting Chinese movie star Zhang Ziyi to be its brand ambassador in late April. Since 2000, China has been the world's largest consumer market for platinum jewellery.
