It also says that the platinum price fell together with that of most equities and metals during March; suffering falls of between 10 per cent and 35 per cent. Platinum demand in China reduced early in the quarter. However, a smelting process failure in South Africa, unrelated to the pandemic, as well as mine closures to reduce the spread of the virus significantly reduced quarterly platinum supply.
Total demand in Q1 2020 declined by 5 per cent (-94 koz) to 1,649 koz from the previous quarter. Meanwhile, total supply decreased by 19 per cent (-410 koz) to 1,773 koz from Q4 2019. This resulted in a surplus of 124 koz for Q1 2020.
WPIC now forecasts that 2020 will have a surplus of 247 koz, which is only 128 koz higher than its previous forecast despite the impacts of COVID-19. Demand in 2020 is expected to be 18% lower than in 2019 mainly on weak automotive and jewellery sales and lower investment demand. Supply is forecast to be down 13 per cent, year-on-year, on the material impact of the smelting outage and pandemic related mine stoppages.
Current platinum price is ‘Life Time Opportunity’
“Platinum is a differentiated metal and our consumer picks platinum for its inherent unique qualities. It is rare and our audience appreciates that says,Vaishali Banerjee, Managing Director, PGI India.
She adds, “The consumer today has a variety of options to choose from, they are very aware and have a discerning choice. The intrinsic value of the metal and its rarity make it extremely valuable to this consumer. It is one of the biggest reasons why platinum is a strong consideration for them.The current price of platinum is a real opportunity for our consumers. The inherent quality and value of platinum is not diminished, just the price is lower. Making it an irresistible value proposition for all buyers.”
As per Pramod Mehta, Director, Shineshilpi Jewellers Pvt Ltd whenever there is correction whether in gold, silver or platinum it gives an opportunity to the customers to invest as the one who invest in any metals gets good return only. So, this is the best rate of platinum and it can jump at any point of time. These corrections that have come is the best time for people to take the opportunity and invest in platinum.
He suggests, “Jewellers who have been plannig to invest in platinum they should invest as this is the right time and opportunity to do so.”
He adds, “So far, platinum has achieved an unbelievable growth in the past couple of years. In todays date there are 60 to 65 per cent youth in India and there is no better product than platinum to attract young generation.”
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