November 19, 2003
North American Platinum Demand Rises; Global Demand Drops
Platinum demand from North American jewelers remains strong despite record high prices, as bridal orders continue to use the metal. Demand for platinum is expected to rise 5% in North America by the end of 2003. European jewelry demand is expected to grow about 3%.
Despite these two increases, demand for platinum globally by jewelers will drop 13% this year, largely due to falling demand in China and Japan, says Johnson Matthey in its bi-annual platinum market report.
Platinum prices continue to rise and may reach a 23-year-high in the next six months, says the Johnson Matthey, a platinum metals group refiner. Prices for the metal are forecast to trade between $700 and $820 per ounce. U.S. manufacturers using platinum continue to battle growing competition at the fashion price points. With this in mind, and as high price remains an issue, most jewelry stores and wholesalers are retaining minimal platinum inventories.
by Michael Thompson