Platinum Popularity Boosts Japanese Jewelry Imports

A strong demand for jewelry made from platinum helped boost Japanese jewelry imports in the first quarter of 2004 by 11 percent from a year earlier.

Platinum jewelry imports surged by 25 percent to $67.4 million from $53.8 million in the first quarter of 2003, according to Platinum Today.

The strong rise in platinum demand, however, should be seen against the background of a 15 percent fall in purchases of platinum by Japanese jewelry makers last year to the lowest levels posted since the mid-1980s.

The rise in Japanese demand this year is seen as being a result of the improving economy and strengthening of the yen against the US dollar, in which platinum is priced.