[an error occurred while processing this directive] BBC World Service | Learning English | News English - Words in the News
This page has been archived and is no longer updated. Find out more about page archiving.
Skip to main contentAccess keys helpA-Z index

You are in: Home > General & Business English
Words in the News
Friday 15 August 2003
China Platinum
Shanghai at night China has allowed the Shanghai gold exchange to start trading in platinum. The aim is to stop the smuggling of the precious metal. For now, it is not necessary to pay the normal seventeen percent value added tax on platinum. China is the world's biggest market for platinum jewellery. This report from Francis Markus:
Listen Listen to the story
China's fashion conscious urban young are developing a growing appetite for the cool white look of platinum jewellery.

The country now accounts for fifty-five percent of the world market and the consumption is increasing fast so it is hardly surprising that there is rampant smuggling of the precious metal which comes mostly from countries like South Africa, Zimbabwe and Russia.

To try to regulate the market, the Chinese authorities have this week allowed Shanghai's gold exchange to start trading in platinum too. As an encouragement, all transactions, for now at least, are free of the normal seventeen percent value added tax.

The move comes at a strategic time for the industry with high demand from couples who plan to get married in the popular wedding month of October, but the platinum producers also have their eye on China's vast market in the longer term for another key, if less romantic, use of the metal in car catalytic converters to cut exhaust emissions.
Listen Listen to the words
fashion conscious
believing it's important to have or wear the latest things
growing appetite for
wanting more and more of
valuable silvery-grey metal, often used for making jewellery
buying and using things
rampant smuggling
fast increasing practice of illegally bringing goods into a country
to control through rules or laws
business deals, usually involving buying and selling something
helping to achieve something, or gain advantage over others
catalytic converters
device fitted to car to reduce the amount of poisonous gas coming from the engine
exhaust emissions
poisonous gases from a car engine that leave through a pipe (the exhaust pipe) at the back of the car
Link to Chinese English language teaching pagesLink to Arabic English language teaching pagesLink to Russian English language teaching pagesLink to Spanish English language teaching pages
A space gif
A grey bar A grey bar A grey bar