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Report: Rising platinum price reduces jewelry production

May 14, 2007

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London—The rising price of platinum and an increase in recycled jewelry led to a decline in the volume of platinum jewelry produced in 2006, according to a new report from Johnson Matthey.

The report, "Platinum 2007 Review," states that worldwide demand for platinum jewelry dropped by 18.3 percent in 2006 to 1.605 million ounces.

After seven consecutive years of deficits, however, supply and demand for platinum appeared effectively in balance in 2006, with a nominal surplus of only 10,000 ounces, according to the report.

Johnson Matthey expects platinum to trade between $1,200 and $1,400 an ounce over the next six months. The price of the metal had increased in the first four months of 2007 because of limited market stocks, increased demand, delays in supply and long positions by commodity funds.

In related news, Johnson Matthey reported that annual demand for palladium fell by 9.7 percent in 2006 to 6.635 million ounces. Palladium demand in the automobile industry rose, but its demand in the jewelry industry fell sharply. Palladium prices should stay between $320 and $420 an ounce over the next six months, according to the report.
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