Bloomberg reported that as platinum jewelry sales increase Norilsk Nickel (LSE:MNOD) predicts palladium jewelry sales will increase too.
As quoted in the market news:
OAO GMK Norilsk Nickel is looking for rising palladium demand from jewelers, Anton Berlin, head of marketing, said in an interview on Feb. 13. The Russian mining company accounts for 40 percent of global palladium sales and about 12 percent of platinum.
Palladium, at almost half the price of platinum, is used in jewelry to whiten gold in alloys. Jewelry accounts for 6 percent of consumption. It traded at $710 an ounce on Feb. 28.