Lower prices and a stronger dollar helped lift US imports of gold, silver and platinum jewellery by as much as 15 percent in the first quarter of 2015, according to Thomson Reuters GFMS calculations released on Thursday. US imports of gold jewellery rose by 14.9 percent in the first three months of 2015 from first quarter of 2014.
Imports of silver jewellery were up 6.9 percent and platinum jewellery was up 6.7 percent, said Erica Rannestad, senior analyst of precious metals demand at the GFMS precious metals consultancy in Chicago, a division of Thomson Reuters. The GFMS calculations were based on US census data. Wholesalers built up their stocks of foreign-made jewellery as US retail sales fell 5 percent in January and February, likely due to adverse weather, while expectations for improved demand remained positive, Rannestad said in an email. The United States increased imports of gold jewellery from Turkey, India, Italy and China.
"Platinum import growth slowed drastically to 6.7 percent in the first quarter from a 157.3 percent increase in the fourth quarter of last year," Rannestad said. "Significant stock-building in the last three months of last year amid lower platinum prices and a stronger US dollar brought forward imports from 2015." Platinum jewellery import growth came primarily from rings and earrings, while imports of chains fell, the data showed.
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