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JOHANNESBURG (miningweekly.com) - A "very strong" resurgence in Chinese jewellery at the lower platinum prices has prompted Impala Platinum (Implats) to forecast that sales for 2009 will be 70% higher than in 2008, at 1,4-million ounces.
Implats marketing executive Derek Engelbrecht points out to Mining Weekly Online that Hong Kong has already imported more platinum in the first half of this year than in the whole of last year.
He adds that the Shanghai Gold Exchange, which is a proxy for platinum jewellery, is almost at last year's levels, and that is before this year's main buying season, which starts at the end of the October holidays.
Much of the slack that has been provided by lower automotive sales has been taken up by jewellery, he says.
Hong Kong imported nearly 750 000 oz of platinum to the end of June - well above the 600 000 oz for the whole of 2008 - and the Shanghai Gold Exchange has traded more than 625 000 oz in the same six-months period, already close to the total of 700 000 oz traded during the whole of last year.
Implats is consequently forecasting Chinese jewellery to absorb 1,4-million ounces of platinum, 70% higher than last year.
