As part of efforts to boost investment demand for physical platinum, the World Platinum Investment Council (WPIC) has, in collaboration with Chinese company Shenzhen Hengfu Yingjia (Hengfu), launched the first platinum bar products in China.
The launch of the high-purity 999.5 platinum bars forms part of a new strategic partnership between the WPIC and Hengfu to develop the physical platinum investment market in South China.
Under the partnership agreement, the WPIC will work with Hengfu to develop and launch a range of platinum investment products to suit a range of investor needs.
A number of new products will be launched throughout this year.
The investment-grade platinum bars are minted by Swiss Metalor Group and are available in sizes of 10 g, 15 g and 100 g.
The bars are sold through Hengfu’s distribution network in Shenzhen and Guangzhou.
WPIC research estimates that demand for platinum bar and other investment products in China could grow to between 300 000 oz and 500 000 oz in the next two to three years.
“While China has long been the world’s biggest consumer of platinum, its platinum investment infrastructure has yet to be fully developed. We see a huge opportunity and appetite to open up platinum investment opportunities in China.
“This new platinum bar product represents an important milestone for the market. It addresses a clear gap for spot investment and more broadly supports platinum’s growth potential as a retail investment medium,” WPIC China head Weibin Deng commented on Wednesday.