Fashion

Save E-mail Print Most Popular RSS Reprints

Prices surge for platinum metals in 2007

June 25, 2008

Similar Stories | Topics

New York—Prices for the three major platinum group metals—platinum, palladium and rhodium—continued to rise in 2007 and into early 2008, according to CPM Group's 2008 Platinum Group Metals Yearbook.

Platinum prices, which averaged $1,314.46 in 2007, rose to record levels in 2006, 2007 and 2008, spurred by a combination of strong fabrication demand worldwide, declining supplies and a surge in investor interest.

Palladium prices climbed to an average of $359.21 in 2007, up 10.7 percent from 2006, and rhodium prices averaged a record $6,051 in 2007, up 38.8 percent from the previous year.

Putting a damper on supply levels in 2007 were disruptions in platinum group metals production in South Africa. Total platinum supply declined to 7,418,000 ounces in 2007, down 4.6 percent from 2006. Total palladium supply declined 0.8 percent and rhodium supply declined 2.4 percent.

According to the report, the disruptions continued on into early 2008, with power shortages in South Africa a leading culprit. The country now continues to grapple with a tight electrical power supply and demand balance.

Total platinum supply could decline 1.4 percent this year to 7,317,000 ounces, the report says.

Total fabrication demand for platinum rose 0.8 percent to 7,060,000 ounces in 2007. High platinum prices affected demand in the jewelry sector, and that could continue on into 2008, the CPM Group predicts. However, total fabrication demand for 2008 could actually rise 3.2 percent.

Total fabrication demand for palladium rose 7 percent from 2007, while demand for rhodium fell 2 percent.

The 2007 platinum surplus—measured as total new supply less fabrication demand—was reduced by more than half last year to 358,000 ounces in 2007. It is expected to decline even more sharply this year to 32,000 ounces.

CPM Group produces annual Yearbooks on gold, silver and platinum group metals.

The reports are priced at $75 each plus shipping and handling, and are available by calling (212) 785-8320 or online at CPM Group's Web site, Cpmgroup.com.

Editor's note: For the most recent metals prices, visit National Jeweler Network's Wholesale Material Pricing Tools.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Fashion

Revere Academy debuts Mort Abelson Scholarship

San Francisco--The Revere Academy of Jewelry Arts has announced the creation of a new all-expenses-paid scholarship for one recipient to attend a master class of their choice at the school's upcoming International Masters Symposium. Read More

PGI expands technical offerings in 2009
Thai jewelry awards to debut at Bangkok fair
More Fashion News

More Like This

IGC Group to distribute S. African Diamonds brand
October 09, 2008 | National Jeweler Network
De Beers sells Cullinan mine
November 27, 2007 | National Jeweler Network
Reports: Gold mine accident won't dent stocks
October 05, 2007 | National Jeweler Network
SA Gems program raises $100,000 for Africa
August 29, 2007 | National Jeweler Network
World's largest diamond reportedly found in South Africa
August 28, 2007 | National Jeweler Network

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Sterling silver campaign steps out
Multi-location independents trimming branches
Report: Luxury consumers becoming more discerning
478-carat diamond goes for $18.4 million
Luxury jewelry show to launch in Dubai
Multi-location independents trimming branches
Kay Jewelers debuts Jane Seymour collection
478-carat diamond goes for $18.4 million
Is Zale chief's strategy 'nuts' enough to work?
Sterling silver campaign steps out
Sponsored by:

Retailer Toolbar

LoupeIt
LoupeIt!
A search engine designed specifically for the jewelry industry where every return is relevant to the retail jeweler.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement