{"id":27820,"date":"2024-09-17T13:08:54","date_gmt":"2024-09-17T07:38:54","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=27820"},"modified":"2024-10-03T17:31:21","modified_gmt":"2024-10-03T12:01:21","slug":"indias-platinum-jewellery-fabrication-to-soar-28","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/indias-platinum-jewellery-fabrication-to-soar-28\/","title":{"rendered":"India&#8217;s Platinum Jewellery Fabrication to Soar 28%"},"content":{"rendered":"<p>The global platinum market is projected to experience a significant deficit for the second consecutive year in 2024, driven by strong demand, particularly in the jewellery sector. This news comes from the World Platinum Investment Council&#8217;s (WPIC) latest Platinum Quarterly report.<\/p>\n<p>This quarter, global platinum jewellery demand surpassed 500 koz for the first time since Q4 \u201921, marking a 5% year-on-year increase, aided by the widening price gap between platinum and gold. Platinum jewellery fabrication in India surged 15% year-on-year, fuelled by strong exports to the US, UK, and UAE, while fabrication in Europe and China increased 7% and 5%, respectively.<\/p>\n<p>While the overall market faces a projected deficit of over 1 million ounces, the jewellery segment is a bright spot. Platinum jewellery demand is expected to grow by 7% year-on-year in 2024, reaching 1,994 koz, its highest level since the fourth quarter of 2021.<\/p>\n<p>In India, jewellery fabrication is expected to demonstrate further strong growth with a 28% increase, while Japan&#8217;s demand is forecast to rise by 8% year-on-year to 365 koz, the highest level since 2019. Offtake in Europe is expected to reach a record high in our time-series, growing 4%. Meanwhile, demand in North America this year is also projected to reach a record high, growing 3%. Notably, fabrication in China is set to improve by 3%, reversing a decline in demand that has persisted since 2013.<\/p>\n<p>The widening price gap between platinum and gold makes platinum a more attractive option for jewellery buyers.<\/p>\n<p>India, a major player in the jewellery market, is experiencing a surge in platinum jewellery fabrication, with exports to key markets like the US, UK, and UAE driving this growth.<\/p>\n<p>This positive outlook for platinum jewellery comes amidst a complex market situation. While demand is robust, overall supply is projected to decline by 1% in 2024. This decrease is due to factors like cost-driven restructuring in South Africa, a key producer, and a slowdown in the platinum chemical industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The global platinum market is projected to experience a significant deficit for the second consecutive year in 2024, driven by strong demand, particularly in the jewellery sector. This news comes from the World Platinum Investment Council&#8217;s (WPIC) latest Platinum Quarterly report. This quarter, global platinum jewellery demand surpassed 500 koz for the first time since&hellip;<\/p>\n","protected":false},"author":1,"featured_media":27821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-27820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>India&#039;s Platinum Jewellery Fabrication to Soar 28% - Diamond jewellery magazine<\/title>\n<meta name=\"description\" content=\"Solitaire International Magazine: Get the best diamond jewellery magazines in India. 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