The market for platinum jewelry in North America remained resilient in 2007, despite the precious metal's price reaching record highs of more than $1,500 per ounce.

According to a report compiled by Johnson Matthey, platinum jewelry purchases dropped to 240,000 ounces during the 12-month period which was only a 5,000-ounce drop on the previous year.

Commenting on the fall in demand, Ellen Zadoff, Johnson Matthey's Precious Metals Division North American market research manager, told reporters: "It isn't much, considering how strong the platinum price was."

The report states that a number of nations actually experienced a rise in the demand for platinum baubles, with China recording a 20,000-ounce increase and Europe noting a 15,000-ounce rise.

In particular, high-end jewelry and the bridal sector were unaffected by the increased prices.

This follows news that Brits spend billions of pounds each year on jewelry, with the average individual storing £1,986 ($3,912) worth of baubles in their home, according to research by Halifax Home Insurance.