March 2, 2017 / 2:43 PM / a year ago

WPIC plans platinum ETF in China - executive

MUMBAI (Reuters) - 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.

Mainland Chinese visitors sit in a jewellery store promoting gold and platinum accessories for the upcoming Valentine's Day in Hong Kong February 9, 2011. REUTERS/Bobby Yip/Files

“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 $50 million coin-based platinum fund in Europe, he said.

Reporting by Rajendra Jadhav; Editing by David Goodman

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