WPIC plans platinum ETF in China: Executive

India is the world's second-biggest gold consumer, but platinum jewellery has become increasingly popular in the past few years with sales rising by 25-30 percent a year, Grubb said.

March 02, 2017 / 20:48 IST

The World Platinum Investment Council (WPIC) plans to launch an exchange-traded fund (ETF) in China, the world's biggest consumer of the precious metal, and a coin-based fund in Europe in 2017, an executive of the council said on Wednesday.

"We are working on two deals in China for investment products. (An) ETF and retail platinum bars with a big state-run enterprise," said Marcus Grubb, director of market development at WPIC, which was formed by leading platinum producers to develop investor demand for the metal.

India is the world's second-biggest gold consumer, but platinum jewellery has become increasingly popular in the past few years with sales rising by 25-30 percent a year, Grubb said.

The council will also launch a USD 50 million coin-based platinum fund in Europe, he said.

first published: Mar 2, 2017 08:46 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347