Precious Metals Jewellery Who needs Who贵金属和珠宝谁需要谁.pptVIP

Precious Metals JewelleryWho needs Who? Dr Paul Walker3rd Dubai City of Gold Conference Dubai, 21-22 February 2005 17 Analysts + Consultants; full-time representation in UK, India, China, Australia Russia.Not just desk-based: Over 40 countries visited in the last 12 months. More than 7,000 meetings since 1996.Annual Gold, Silver and now also Platinum Palladium Surveys Presentation Outline Historical relationship between jewellery demand and metal supply Who are making the money? – a look at the value chain Important macro trends for jewellery Conclusions Jewellery demand as a proportion of total supply in 2004* The value of metal used in jewellery in 2004* Gold: jewellery mine output - An historical perspective Gold jewellery mine supply And for silver? – demand covers supply… What about Platinum?Well, nearly the same story… Average prices over the same 20 year period China- Jewellery Margins(Retailing)(Basis US$860/oz and US$411/oz metals prices) But does the jewellery industry need support? Mega trends women’s earning power men’s jewellery age at marriage leisure hours investment background Demographic changes Precious metals JewelleryWho needs Who? All metals have relied upon jewellery demand to soak up increased mine supply. Jewellery as a ‘spend’ category is under threat. Marketing expenditure does not appear to be coordinated nor monitored. More strategic, independent research on the jewellery sector is needed. * INDEPENDENT, INFORMED INTERNATIONAL GFMS Limited – Precious Metals - Paul Walker CEO GFMS Metals Consulting Ltd – Base Metals – Neil Buxton Director GFMS Mining and Exploration Limited – Richard Napier Director GFMS Analytics Limited – regular analysis of all the metals markets but focus on precious - Rhona O’ Connell Director Coming soon, GFMS Consumer Research Limited – focus on consumer research covering the jewellery and investment markets. THE GFMS GROUP GFMS’ Unique Research Capabilities Programme 69% 65% 14% Indust