Japan's jewellery recyclers are taking advantage of soaring platinum prices as the market for second-hand platinum jewellery grows.

Consumers in Japan bought a lot of platinum jewellery in the course of the last few decades, leading to the country's position as the number one buyer of platinum jewellery in the late 1980s.

As a result, stores are buying jewellery pieces consumers no longer want but are too expensive to throw away.

According to reports from the Wall Street Journal, Tanaka Kikinzoku Kogyo K.K. said that scrap platinum buying increased by three times in the first three months of 2008.

This could lead a slowing of platinum prices but it is creating large profits for retailers making a business in recycling.

Komehyo Co, a Japanese brand specialising in second-hand goods, says its stores in the capital, Tokyo, are seeing nearly 100 customers a day looking to sell jewellery.



Source:

Japan's Jewelry Recyclers Cash In on Pricey Platinum, 11/07/08
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