In India, platinum jewellery fabrication during Q1 2021 rose by 35% (+6 koz) to 21 koz driven mainly by pent-up demand, weddings, festive purchases, and marketing campaigns for Valentine’s Day, according to the latest Platinum Quarterly published by the World Platinum Investment Council (WPIC), with independent analysis provided by research partner, Metals Focus.
WPIC notes that Indian jewellery fabrication outperformed consumption as retailers focussed on replenishing inventory in anticipation of further demand recovery in Q2 2021.
Global platinum jewellery demand in Q1 2021 recovered by 22% (+85 koz) to 478 koz but fell short of the strong activity (529 koz) seen in Q4 2020 .
European platinum jewellery fabrication in Q1 2021 rose by 5% (+3 koz) thanks to strong demand from the export-oriented, high-end watch and jewellery brands. “However, volumes were still down 2% on Q1 2019 because of the continued Covid-driven weakness in bridal-centred local sales, especially in the UK, and despite some retailers re-stocking,” WPIC notes.
Platinum jewellery fabrication in North America during Q1 2021 rebounded by a healthy 14% (+11 koz) and was 2% above Q1 2019. “This was due to a mix of the price differential to gold, the diversion of consumer expenditure from services, retailers’ inventory build, an improving economy and government income support measures.”
China’s platinum jewellery fabrication in Q1 2021 recorded a 55% (+70 koz) increase to 197 koz year-on-year following a weak prior year quarter when virus-related disruption had a severe impact on the jewellery sector. Notwithstanding this healthy recovery, the total was still 15% below the equivalent pre-virus level of 232 koz in Q1 2019. WPIC expects platinum jewellery demand in 2021 to recover, growing 9% (+158 koz). “Strong year-on-year increases in the first quarter suggest improvements in 2021 will be driven by higher demand in the North American, European, and Indian markets,” it states.