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Jewelry Demand for Platinum Slumps in 2010

Global Demand Remains Robust
May 16, 2011 11:21 AM   By Ricci Dipshan
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While global demand for platinum rose in 2010 by 16 percent year on year to 7.88 million ounces, the demand for the metal in jewelry manufacturing fell 14 percent  to 2.42 million ounces, due to high prices and accumulated stock, according to the “Platinum 2011" report by Johnson Matthey.  Platinum’s sister metal, palladium, experienced a similar dynamic as global demand  rose 23 percent to 9.63 million ounces, while jewelry demand slumped 20 percent to 620,000 ounces.

Platinum for jewelry in China, which accounts for two-thirds of the global demand, dropped by more than 16 percent year on year to 1.65 million ounces.  China, alongside Japan, also took the lead in platinum recycling – which, at 745,000 ounces, reflected a 32 percent increase from 2009, the report found. Demand for palladium jewelry also fell 20 percent to 620,000 ounces, while palladium recycling in China and Japan jumped 14 percent to 80,000.

Platinum jewelry demand was marginally lower in Europe at 175,000 ounces, a decrease of only 6 percent, according to the report. The number of hallmarked jewelry pieces produced in the U.K. and Switzerland, however, increased in 2010, demonstrating some underlying growth in consumer demand.

Bucking the down trend,  the North American market experienced a 30 percent increase in platinum for jewelry at 175,000 ounces.

While demand for platinum softened for jewelry manufacturing, it remained robust for other industries. The automotive sector led growth with a 43 percent increase to 3.13 million ounces.  Physical investment demand for platinum demand remained robust.

In a seperate report, solid precious metals demand  led HSBC to increase its targets  for platinum by $100 to $1,850 an ounce and add $75 to palladium for a projected $825 ounce this year.
Tags: commodity, commodity market, Global demand, HSBC, Jewelry, jewelry manufacturing, Palladium, platinum, Ricci Dipshan
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