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Demand for platinum jewellery is set to grow by 2.3% in 2015, driven by the “explosive” growth in the Indian and US markets.
This is according to the Platinum Guild International’s (PGI) second annual Retail Barometer which surveyed over 400 jewellery retail companies with some 40,000 retail outlets in the four main international markets of China, India, Japan and the USA.
The research, which was conducted between January and February 2015, found that India is expected to grow by a further 23%, the USA by 7% and Japan by 1%. The Chinese market is expected to remain flat.
This is an improvement on 2014 where platinum retail sales in ounces across the four key markets were flat.
Huw Daniel, CEO of PGI, said: “Continued growth in the platinum jewellery market is important, as the jewellery category represents 35% of all global demand for platinum. 2015 is expected to deliver higher growth and clearly there are concerns about the Chinese market, but PGI have plans in place this year to address the challenges and to capitalise on the latent demand.”
