Prime Platinum Markets
September 11, 1999 1:33 AM EDT
Jewelers' Circular-Keystone, September 1999
Summary of key facts:
Demand for platinum jewelry is on the rise globally,
according to Johnson Matthey's recently published
"Platinum 1999" report. The firm's precious metals
division in Wayne, Pa., reported that in 1998 worldwide
demand for platinum used for jewelry fabrication rose to
2.37 million ounces, up from 2.16 million ounces in '97.
The most dramatic increase in manufacturing demand for
platinum occurred in China, where jewelry manufacturers
used 70% more platinum in '98 (for a total of 620,000
ounces) as several new factories opened and others
increased output. U.S. jewelry manufacturers used 60,000
more ounces in '98 (for a total of 220,000 ounces) than
they did in '97.The major exception to the pattern was
Japan, where a recession led to a 3% decline in sales of
platinum items--compared with a 15% decline in unit
sales of gold jewelry. According to Johnson Matthey, the
Japanese market had a ripple effect on Swiss watch
manufacturers. The use of platinum in watches in
Switzerland fell by around 20% in '98, primarily owing to
a contraction in exports to Asia.
Demand for Platinum by Jewelry Manufacturers Worldwide
PLATINUM CONSUMPTION
1997 1998
Europe 150,000 oz. 155,000 oz.
North America 160,000 oz. 220,000 oz.
Japan 1,390,000 oz. 1,290,000 oz.
Rest of the World 460,000 oz. 705,000 oz.
Footnote: This table was prepared from line graph.
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