Sales of jewellery in China, one of the world's largest markets for platinum pieces, were up 53.3 per cent year on year in August.

The sales increase came amid overall retail growth of 17 per cent in the Asian nation - the highest rate for over three years.

Analysts consulted by Reuters had predicted growth to stand at around 16.5 per cent.

According to an economist consulted by Reuters, this trend is indicative that "consumption is starting to take up a greater role in driving the world's fastest-growing major economy.

"Consumption growth has not reached its peak yet, and we are now expecting even higher growth rates in coming months," he added.

Figures from Johnson Matthey indicate that 875,000 oz worth of platinum jewellery were sold in China in 2006, up from 760,000 oz the previous year.

Meanwhile, according to China's Jewellery and Jade Association, retail sales of platinum jewellery rose to $2.9 billion annually between 1995 and 2005.

Source:

Johnson Matthey - A market review of supply and demand for the platinum group metals 
http://www.platinum.matthey.com/publications/Pt2007.html

Jewellery sales in China up 53.3 percent, 11/09/07
http://www.jewellerynetasia.com/industry/newsdetails.aspx?lang=0&vortalid=1&newsidinvortal=7128&ct=&cn=NewsAll&m=09&y=2007&ch=0

A Bull in China, 10/09/07
http://www.colored-stone.com/stories/mar07/china.cfm

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