NEW YORK: US silver jewellery imports jumped to an eight-month high in July as Thailand shipped a record amount, Thomson Reuters GFMS calculations showed on Thursday, about a time when bullion prices fell to six-year lows and also spurred coin demand. Silver jewellery imports surged to 165,729 kg (5.8 million ounces) in July, up 26 percent from a year ago and up 44 percent from June, said Erica Rannestad, senior analyst of precious metals demand at the GFMS metals analysts team in Thomson Reuters, in Chicago.
“Thailand accounted for 54 percent of imports that month, the highest share in a single month on record,” Rannestad said, adding that there were strong increases from China and India as well. The surge in silver jewellery imports came as low bullion prices spurred strong demand for US American Eagle silver coins. The US Mint ran out of supplies for more than two weeks in July and has been on weekly allocations ever since it replenished inventories.
US imports of platinum jewellery from Thailand also surged to 9 kg from just 1 kg in July 2014, while they dropped from France, the largest platinum jewellery trade partner for the United States, to 22 kg from 32 kg in July 2014. “While France has lost market share, lower-cost producers have gained market share, such as India, China, Thailand, and Spain,” Rannestad said.
“This shift in demand may be indicative of demand for lower-priced platinum jewellery.” US imports of platinum jewellery fell to 85 kg in July, down 10 percent from June but up 21 percent from a year ago. US gold jewellery imports rose to 5,264 kg (185,682 ounces) in July, up 7 percent from July 2014 and up 23 percent from the prior month, as the average monthly gold price dropped 14 percent, the strongest year-on-year decline since March 2014, Rannestad said. “India, the top gold jewellery trade partner to the United States, saw a 28.5 percent increase in imports to the latter in July,” she said, adding that they dropped from China and Italy, the second and third biggest trade partners with the United States.
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