By Matthew Cowley 

LONDON--Six of the world's major platinum producers have banded together to drum up interest in the precious metal as a financial investment.

The World Platinum Investment Council aims to develop an active investment market for platinum and make it easier for a "wide array of investors around the world" to invest in the precious metal, the group said in a statement.

Demand for platinum, unlike gold and silver, is driven largely by industry, rather than by investors and the jewelry sector. The metal has a wide use of applications, from emission-reducing catalytic convertors in motor vehicles to fuel cells and chemicals production.

With global economic growth proving increasingly sluggish, platinum prices have fallen around 12% so far this year to around $1,200 an ounce whereas gold prices, trading around the same level, are little changed in the same period despite falling sharply from mid-year highs.

The WPIC is funded by Anglo American Platinum Ltd., Aquarius Platinum Ltd., Impala Platinum Holdings Ltd., Lonmin PLC, Northam Platinum Ltd. and Royal Bafokeng Platinum Ltd. The mining companies are all based in South Africa which is responsible for roughly four fifths of global platinum output.

According to the WPIC's web site, there are some $10 billion in assets already invested in platinum.

"To date, the investment potential of platinum has been largely overlooked," said Paul Wilson, the WPIC's chief executive officer. "Platinum's performance as an investment asset over the past 20 years supports this thesis."

Mr. Wilson was an advisory partner at management consultancy Bain & Company with responsiblity for its UK financial services practice, and is also chairman of XL London Market Ltd and a director of Brewin Dolphin Plc.

The WPIC said it aims to attract the full spectrum of the investment community, including institutional investors, wealth individuals and mom and pop investors.

The body will hire "independent specialists to provide regular insightful data and analysis" on the platinum market, according to the statement.

Write to Matthew Cowley at matthew.cowley@wsj.com

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