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Palladium here to stay

May 31, 2007

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Las Vegas—A year ago, one of the big question marks for jewelers was palladium. As both gold and platinum prices skyrocketed, the metal was on many minds, but just a few were testing the waters. Things have changed.

"Last year at this point there was hardly anybody carrying palladium," said designer Scott Kay, speaking during the morning presentation "Palladium Prophets" at the Couture show. "Now there are thousands of retailers selling palladium every single day."

Kay stressed that the industry needs to change its perception of palladium as an alternative metal to that of a pure, natural resource.

"For anyone that might question it, get over it," he said. "It's a metal unto itself. It's about time we all respect palladium as a metal that's here to stay."

Vendors are catching on. Panelist Frank McAllister, chairman and chief executive officer of Montana-based Stillwater Mining, the largest palladium producer, noted that when he attended the Vegas trade shows three years ago, nobody had the metal. Today, 20 percent of palladium production goes to jewelry, he says.

Kay points out how palladium's density—40 percent less than platinum—means there are great opportunities to utilize it beyond bridal.

"You're going to see palladium bracelets, necklaces and earrings because it is absolutely a legitimate metal to manufacture fashion, anniversary and luxury jewelry out there," he says.

Consumers are also slowly gaining awareness. Panelist John Clarkin, executive director of sales development for W magazine, said the publication recently conducted an online study that shows the metal has a kind of "blank slate" that needs be exploited through education.

Of the 239 affluent female consumers who responded to the survey, 38 percent had never heard of palladium. Nine percent, however, already own palladium jewelry.

"There's a tremendous opportunity for palladium out there," Clarkin said. "This is clearly the new kid on the block."

The Palladium Alliance International, which sponsored the event, has started to ramp up its marketing efforts. McAllister said the metal got a recent boost at a meeting of the Platinum Group Metal Association (which recently added "group" to its official title), which in the past has focused on platinum, but is now looking at ways to get behind the marketing of palladium.
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