Chinese weddings are providing a considerable boost for the platinum price in the current economic climate, the Financial Times reported on Friday (20th November).

Leading platinum refiner Johnson Matthey released a study last week which claimed that the precious metal will account for 1.75 million ounces of jewellery sales in China this year.

In addition, weddings in the country surged by 10.8 per cent to almost 11 million last year, while 2009 is viewed as auspicious because the Chinese word for 'nine' sounds like the word for 'forever'.

"Historically, jewellery has played a bit of a balancing role in the platinum market but it has been part¬icularly important this year. It has been a big deal for the industry," said Mark Bedford, Director of Precious Metals Marketing at Johnson Matthey.

According to the news provider, the growing popularity of platinum jewellery in China represents a major cultural shift as consumers have traditionally favoured gold.

Brides are increasingly opting for two ceremonies - one in customary red garments, but also one in white - and the latter tends to involve wearing a dress that features platinum.

In Johnson Matthey's report, entitled 'Platinum 2009 Interim Review', the company also predicted that global net demand for platinum jewellery will increase by 80 per cent to 2.45 million ounces this year.

Source:

Chinese white weddings help platinum recover (20/11/09)

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