Platinum Guild International (PGI) has reported a resilient performance for the global platinum jewellery industry in 2025, highlighting growth across key markets despite ongoing macroeconomic disruptions, record gold prices, and global trade uncertainties. The findings were presented in its annual Platinum Jewellery Business Review (PJBR), themed “A year of resilience”.
According to PGI CEO Tim Schlick, 2025 was marked by significant volatility, including elevated gold prices that impacted retail footfall and US-imposed import tariffs that added pressure across global supply chains. However, platinum jewellery demand still reached its highest level since 2019, demonstrating strong category resilience.
In China, platinum jewellery fabrication surged by 56% year-on-year to 589,000 ounces, driven largely by gold price inflation, which pushed new entrants into the category. While sell-in activity was strong, consumer sell-through grew more moderately, with PGI partners reporting a 7% retail increase. Campaign-led initiatives also delivered strong results, including a 110% sales increase on JD.com collaborations.
The United States market recorded a 6% rise in platinum jewellery demand, outperforming gold jewellery, which declined by 10%. The widening price gap between gold and platinum encouraged white gold conversions, particularly in bridal jewellery, while growing adoption of lab-grown diamonds created additional value opportunities in the segment.
Japan, the world’s highest per-capita platinum jewellery market, saw a 2% increase in demand, with platinum expanding its retail share to 28%. While gold declined, platinum benefited from shifting preferences toward higher-weight jewellery and self-purchase trends among younger consumers.
India, the fastest-growing platinum jewellery market, reported a 4% increase in manufacturing volumes to 280,000 ounces despite a 24% decline in gold jewellery demand. PGI partners in India achieved stronger domestic growth of 10–15%, even as export challenges impacted overall performance. The market also supported expansion into the Middle East, strengthening regional influence.
Looking ahead to 2026, PGI expects divergent market trajectories. The US is likely to remain dependent on price stability and continued white gold conversion trends. Japan is expected to stay steady with gradual bridal recovery. China is projected to normalise after an exceptional 2025, while India is expected to maintain positive momentum despite geopolitical headwinds. Europe may continue shifting toward lower karat jewellery and platinum alternatives.
PGI concludes that platinum jewellery has demonstrated strong structural resilience, positioning the category for continued growth momentum into 2026 across global markets.
