Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

WPIC: Platinum market to face record deficit

08 september 2023

Platinum will register a 2.2% bigger supply deficit than previously expected for 2023 at a record 1 mn troy ounces, driven by strong demand and flat supply, the World Platinum Investment Council (WPIC) said on September 6, 2023.

According to WPIC's quarterly report, the demand for platinum is on track to grow 27% to 8.2 mn troy ounces in 2023. Incidentally, platinum is currently used in catalytic converters to reduce harmful emissions from vehicle exhaust systems among other applications from jewellery to glassmaking.

Rising vehicle production, with the use of more metal per vehicle and substitution by automakers of palladium for cheaper platinum, is helping to drive demand.

Supply, meanwhile, is expected to remain at last year’s 7.2 mn ounces, partly owing to ongoing electricity shortages in major producer South Africa.

That will leave the market undersupplied by 1 mn troy ounces this year, which three months earlier predicted a deficit of 983,000 ounces. The WPIC expects automotive and industrial consumption to underpin total demand growth for platinum in 2024 and the availability of above-ground stocks to decline.

By the end of 2023, above-ground stocks will represent only five months of annual demand, with most of these stocks held in China and not readily able to be exported to meet global shortfalls, increasing concerns over metal availability. In the second quarter, the platinum market was undersupplied by 348,000 ounces to chalk up consecutive quarters of deficit for the first time since the second half of 2020.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished