Published
May 18, 2021
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India's platinum jewellery production rises in Q1

Published
May 18, 2021

Platinum jewellery manufacturing in India rose by 35% in the first quarter of 2021, fuelled by pent-up demand, the spring wedding season, and a number of festivals.

Platinum jewellery production saw positive steps to global recovery in the first quarter of 2021 - GJEPC- INDIA- Facebook


India’s platinum jewellery fabrication was up at the beginning of 2021, but its jewellery fabrication did outperform consumption because jewellery retailers were focussed on replenishing their inventory in anticipation of yet more demand recovery in the second quarter of the year, according to the World Platinum Investment Council’s Platinum Quarterly.

The report was produced with independent analysis by its research partner Metals Focus and accessed by the Gem and Jewellery Export Promotion Council. 

The WPIC is optimistic that the global platinum jewellery market will recover in 2021 and grow by 9%. Along with India’s increase in platinum jewellery fabrication in the first quarter, European, Chinese, and North American markets also saw increases although to varying degrees.
 
“Strong year-on-year increases in the first quarter suggest improvements in 2021 will be driven by higher demand in the North American, European, and Indian markets,” read the report, the GJEPC reported on its website.
 
India’s current local lockdowns in many areas could affect the recovery of platinum jewellery if weddings and cultural events are banned for a significant amount of time.

However, this could create a new round of pent-up demand as seen in 2020, enabling the market to bounce back when restrictions are later lifted.

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