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India's Platinum jewellery demand may grow by double digits in 2017

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MUMBAI (Scrap register): Indian platinum jewellery demand is expected to grow into double digits by 2017, the Japanese consumption is also expected to stay strong, Reuters reported.

Platinum was traded above $940 per ounce, which rose from eight months low, it still remains 6 percent increased so far this year. The fall in prices has narrowed the price gap between gold to the most since June. While gold is a low-margin business for Indian jewellers, retailers can get returns of about 50 percent for platinum.

The World Platinum Investment Council in September estimated a shortfall of 520,000-ounce this year up from three months earlier prediction of 455,000 ounce.

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