A senior figure at Platinum Guild International (PGI) claimed yesterday (19th May) that the already-growing demand for platinum jewellery in China will be boosted by an "auspicious" wedding season.

Johnson Matthey, the world's leading refiner and distributor of the precious metal, revealed on Monday that platinum jewellery demand in the country rose by 8.9 per cent in 2008.

Now James Courage, Chief Executive of the industry-funded PGI, explained that this trend - which is offsetting a global decline in demand - looks set to be harnessed this year by strong bridal jewellery sales.

He told Reuters: "What we have seen in China is less effect from the recession. The market at the moment looks robust, if we see a period of steady prices, the opportunity is significant both on the jewellery and bridal side.

"A nice boost for 2009 is that it's an auspicious year to get married in China and most of the wedding venues are booked up."

This year is particularly favourable for weddings - according to the China Daily newspaper - for two main reasons, both of which are associated with astrology.

Firstly, the number nine is aligned with longevity, while the lunar calendar also credits 2009 with two 'spring begins' - the dates when farmers tend to commence planting.

According to the Johnson Matthey figures, demand for platinum jewellery in China increased from 780,000 oz to 850,000 oz in 2008.

Source:

Chinese wedding fever heats platinum market (19/05/09)

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