Chinese white weddings help platinum jewellery sales recover

Tue, 24 Nov 2009

Chinese weddings are providing a considerable boost for the price of platinum in the current economic climate.

According to a study published recently by platinum refiner Johnson Matthey, the precious metal will account for 1.75 million ounces of jewellery sales in China this year. Mark Bedford, director of precious metals marketing at Johnson Matthey, said: "Historically, jewellery has played a bit of a balancing role in the platinum market but it has been particularly important this year. It has been a big deal for the industry."

The Financial Times reported that the rise in popularity of platinum jewellery in China represents a major cultural shift as consumers have traditionally favoured gold . Brides are increasingly opting for two ceremonies, one in customary red garments and also one in white, of which the latter tends to involve wearing a dress that features platinum.

In Johnson Matthey's report, called 'Platinum 2009 Interim Review', the firm also predicted that global net demand for platinum jewellery will increase by 80 per cent to 2.45 million ounces this year.
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