Did the price of Platinum rise significantly - just recently?

I had three jewellers tell me this yesterday...didn't know if it was true though.

another excuse for them to make crap doubly expensive........

eta - thank god we already paid for my wedding band.

Analysts say platinum price set to rise


Analysts surveyed by Reuters have forecast an average platinum price of $800 an ounce for 2004 - marking a 16 per cent increase on 2003 levels.

Predictions for the year ranged from $660 by The Economist Intelligence Unit up to $900 by MKS Finance.

Looking further to the future, industry experts believe platinum prices will decrease in 2005 to an average of $700 per ounce.

They believe prices are likely to come under pressure as decreases in the strength of the rand later in the year allow for output to increase as marginal sites become profitable due to the weakened currency.

Once again predictions were quite varied, with Merrill Lynch suggesting an average price of $563 for 2005 and ICAP predicting $870.

“Although the platinum price may extend its gains in the near term, we believe the price is unsustainable at these levels and expect it to come under pressure as (jewellery) demand wanes, switching to palladium-based auto catalysts gains momentum and speculator long positions are unwound,” said Merrill analyst, Michael Kavanagh.

Forecasts for platinum's sister metal palladium suggest a 10.3 per cent price increase, to an average $220 in 2004 before continuing its rise to $232 in 2005.

2004 palladium predictions range from $175 by HSBC to $275 by Mitsui, while 2005 forecasts range from $150 from HSBC to $291.30 by Deutsche Bank.

If future platinum prices tend towards the top end of the forecast range, it could see demand from the key Chinese jewellery market affected.

Industry insiders have warned that if high platinum prices persist, demand from the largest single market for platinum jewellery could shrink.

Jewellery makers have seen their bottom line squeezed, prompting many to delay further metal purchases until prices ease.

“Jewellers and retailers are waiting for prices to fall before buying more,” Agnes Wu, marketing manager for Platinum Guild International in Shanghai, told Reuters.

According to a report from market analysts Johnson Matthey sales of platinum jewellery in China were down 19 per cent to 1.2 million ounces in 2003.

However, it appears China's fashion-conscious urban elite are unfazed by the high prices, with the Chinese market remaining the leading prospect for platinum jewellery sales.

When we purchased my engagement ring the setting was $800. I wanted to order something along the lines as the $800 ring from the same designer, but it wasnt in stock. Mind you, they were both solitare settings with only a slight difference in the prong setting. She said platinum prices have increased and that if they were not in stock and had to be ordered from the designer, the other ring would be $1400. Needless to say, I stuck with the $800 ring!!! I didnt think to buy my wedding band, though. That's a problem we will have to deal with when the time comes!!

Yes!
That is why we bought our rings in February...early but we saved money that way.
FH got Titanium in the end so it didn't affect him but mine was less.

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Posted by Monkeybride

Yes!
That is why we bought our rings in February...early but we saved money that way.

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Grrr...should have bought FH's ring when he saw it in Feb!

Eh, live and learn...

Look at Titanium Never in a million years did I think I wanted FH to get anything but Platinum but it was very expensive for a plain band ($1200) even before the price went up and he didn't like how heavy it felt.

Our jewler showed us Titanium by the same designers (Christian Bauer, some German designer I can't remember the name, etc) and they were really nice and FH LOVED how light it was and it is more durable than platinum.

All for the lovely price off $325 with matte and shiny finish, I will take a pic when we go to NY and post. FMIL has them b/c we shipped to her to save sales tax in CO. (also saves me from wearing mine around the house...hehe)

We were looking at Christian Bauer - too funny. The ring he liked was about $1200...he liked the weight of the platinum and didn't really like the color of the Titanium - but maybe we'll look again. Would love to see pics!

Thanks for the tip!