The demand for platinum jewelry in China has increased considerably in 2009, continuing a trend set in 2008, the China Daily said.
Sales were reportedly spurred by the recent holiday season, which noted a rise in bridal rings' sales. The Chinese believe 2009 is an auspicious year for marriage, since the number nine implies "forever love."
China has been the world's largest consumer market for platinum jewelry since 2000, as the precious metal enjoys higher prestige there than it does in the West. According to the Shanghai Gold Exchange, the volume of platinum sold locally in the first half of 2009 increased by 81% in comparison to the corresponding period last year, in both first- and second-tier cities. Part of the reason for platinum’s popularity in China and all over the world is the steep rise in the price of gold, which is making it unaffordable for many jewelry consumers .
"Platinum jewelry sales in China increased by more than 400,000 ounces compared to the same time in 2008," Neville Nicolau, CEO of Anglo Platinum, the world's largest producer of platinum, said.
"These sales figures highlight the strength of platinum jewelry branding and the difference in demand for platinum jewelry between China and the West, as well as the fact that the Chinese market is unsaturated."
James Courage, CEO of Platinum Guild International, which is dedicated to promoting platinum jewelry sales, added: "Platinum prices have held steady to date, providing an opportunity for further growth in platinum jewelry demand."
A PGI survey targeting 93 sales outlets in 32 cities, showed sales of plain platinum jewelry increased by 27% over this year’s May Day holiday.
A recent survey performed by the Millward Brown Research Group, which included 1,000 high-income women between the ages of 20- 40 in Beijing, Shanghai, Guangzhou, Chengdu and Shenyang, found that 40% listed platinum as a top choice for jewelry and more than half said it was their favorite precious metal.
