Platinum jewellery outperforms in US market – PGI
November 2017 – Prospects for the platinum jewellery business are buoyant in the United States, Platinum Guild International (PGI) said in its third quarter review.
“Platinum continues to outperform the market,” it said.
“Coupled with the current metal prices, the outlook for the platinum business in the US remains strong.”
In the US, the economy is exhibiting strong growth and unemployment remains at an an historically low level.
China’s economy sustained a stable rate of development and is expected to comfortably achieve its whole-year target of around 6.5 percent.
The government will step up financial support around its “Made in China 2025” strategy, a blueprint for upgrading the country‘s manufacturing sector. Total funding is likely to exceed $1.5 billion.
PGI expects that the initiative will encourage the Chinese jewellery industry to upgrade its technology and productivity, and is stepping up technical assistance to facilitate this.
The Indian government announced GST on jewellery sales at 3%, resulting in positive trade sentiment. This was then dampened by the requirement of submission of identity proof against jewellery purchases over Rs.50,000, as the Prevention of Money Laundering Act.