Bridal market boost for Chinese platinum jewellery 2nd August 2004

The bridal sector of the Chinese platinum jewellery market is being targeted for a potential boost in demand.  Platinum Guild International (PGI) says that the sector is a strong driver of platinum jewellery and expressed optimism at the prospects for the market in the region.

James Courage, PGI chief executive, commented: "From our research in the market, we estimate that around 20 per cent of the pieces sold are bought in connection with engagements or weddings or the earlier anniversaries."

"The relationship between platinum and the consumer from the emotional aspect fits in very strongly with wedding vows, particularly the association between purity and platinum. We want to reinforce this message and extend it further into a wider range in the market."

With legislation covering weddings and the rules governing marriage currently being relaxed in China, Mr Courage is hopeful that the industry can capitalise on a major potential growth area.

While demand for platinum has dipped in China, the PGI has set aside an increasing amount of revenue for promotions in the region.

"China is our most important market. We are putting in a great deal of time and effort with the hope of taking China to the next stage of development," Mr Courage explained.

Platinum jewellery demand in China stood at 1.2 million oz in 2003, with the rising cost of the precious metal having an impact on high street sales.


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