Previously, The World Platinum Investment Council (WPIC) reported about the Jewellery demand and said, Global jewellery demand is expected to improve by 3% (+50 koz) in 2024. Demand in Europe is forecast to grow by 1% this year, although there are noteworthy uncertainties over this outlook.
This stems chiefly from feedback on the high-end segment; some fabricators already have capacity fully booked for months, while others expect losses as pandemic era savings have been run down and economic gloom lingers. North American offtake is expected to dip by 2% this year, primarily due to fewer engagements and a normalisation in the number of weddings after the post-Covid surge, as well as consumer expenditure shifts.
The slide in diamond prices, however, is seen as a clear positive as it liberates budget for larger pieces, and bigger stones mean larger mounts. Our forecast for Japanese jewellery demand sees a 4% increase this year.
While the lacklustre prospects for bridal jewellery will continue to limit demand upside, we believe there is scope for other areas to pick up the slack and we do not believe the post pandemic recovery has fully run its course in this market. The continued efforts of Japanese jewellery manufacturers to boost their export volumes should also help demand.
In China, we expect platinum jewellery fabrication to post a modest 5% recovery in 2024, rising to 428 koz, mostly driven by the easing of competition from the gold jewellery market (most jewellery retailers claim that gold jewellery accounts for over 80% of total turnover, while some local brands even claim a share of over 90%).
However, after the associated radical product restructuring process in 2023, the destocking of platinum jewellery and gem sets by manufacturers and retailers will abate in 2024. Positively, healthy demand for menswear and retailers’ promotions via live broadcasting platforms should lend some support to platinum.
Finally, after years of consolidation in the supply chain, existing manufacturers have stopped suffering from fierce price competition and could develop more attractive collections for clients with encouraging profit margins. Turning to India, fabrication activity is expected to grow in double digits at 12% to 227 koz.
Consumer awareness regarding platinum jewellery and ongoing strength in the economy will help generate new demand in this segment. Moreover, the continued addition of new stores by retail chains and the promotion of men’s jewellery (which has higher weights) would lead to strong manufacturing activity this year.
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