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’s (WPIC) latest Platinum Quarterly report.
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.
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.
In India, jewellery fabrication is expected to demonstrate further strong growth with a 28% increase, while Japan’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.
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.
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