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Platinum Sales Rise in US, India

Low unemployment rate, strong consumer confidence, and tax reform are key factors.
Jun 19, 2018 7:20 AM   By Rapaport News
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RAPAPORT... Platinum jewelry demand grew in India and the US in the first quarter due to tax reforms and positive economic conditions, Platinum Guild International (PGI) reported.

US purchases at PGI’s retail partners grew 12% for the period amid low unemployment and increased consumer confidence, combined with a drop in platinum prices, the trade organization said..

Sales in India rose 25% year on year at PGI partners, outperforming both gold and diamond jewelry, as the introduction of the goods and services tax has benefited organized traders. Demand in Japan increased slightly, with the PGI predicting moderate growth in 2018 from non-bridal jewelry, while purchases in China continued to decline, dropping 9.2%.

“Around the world we see opportunities for increased platinum-jewelry consumption,” said PGI CEO Huw Daniel.

Image: Platinum Guild International
Tags: Huw Daniel, platinum, Platinum Guild International, Rapaport News
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