Platinum Guild International (PGI) has reported a resilient performance in the global platinum jewellery industry in 2025. Its annual Platinum Jewellery Business Review (PJBR), themed “A year of resilience”, highlights growth across key markets despite economic and trade challenges.
According to PGI CEO Tim Schlick, high gold prices affected retail footfall in 2025. US import tariffs also put pressure on global supply chains. Despite these challenges, platinum jewellery demand reached its highest level since 2019.
China Records 56% Growth in Platinum Jewellery Fabrication
China recorded a 56% year-on-year increase in platinum jewellery fabrication, reaching 589,000 ounces. Rising gold prices encouraged new consumers to explore platinum jewellery.
Although sell-in activity remained strong, consumer purchases grew at a slower pace. PGI partners reported a 7% increase in retail sales. Campaigns also delivered positive results, including a 110% sales increase through JD.com collaborations.
US Platinum Jewellery Demand Rises 6%
The United States recorded a 6% increase in platinum jewellery demand, while gold jewellery demand fell by 10%.
The widening price gap between gold and platinum encouraged consumers to switch from white gold, particularly for bridal jewellery. Meanwhile, the growing adoption of lab-grown diamonds created additional value opportunities in this segment.
Japan Sees Higher Platinum Retail Share
Japan, the world’s highest per-capita platinum jewellery market, recorded a 2% increase in demand. Platinum also expanded its retail share to 28%.
Gold jewellery demand declined, but platinum benefited from changing consumer preferences. Buyers showed greater interest in higher-weight jewellery. Younger consumers also supported demand through self-purchases.
India Maintains Growth Despite Export Challenges
India, the fastest-growing platinum jewellery market, recorded a 4% increase in manufacturing volumes, reaching 280,000 ounces. This growth came despite a 24% decline in gold jewellery demand.
PGI partners in India achieved domestic growth of 10–15%. However, export challenges affected overall performance. India also supported expansion into the Middle East, strengthening its regional influence.
PGI Shares Outlook for 2026
PGI expects different growth patterns across major markets in 2026.
- United States: Demand will likely depend on price stability and continued conversion from white gold.
- Japan: The market is expected to remain steady, with a gradual recovery in bridal jewellery.
- China: Demand is projected to normalise after the exceptional growth recorded in 2025.
- India: The market is expected to maintain positive momentum despite geopolitical challenges.
- Europe: Consumer preferences may continue shifting towards lower-karat jewellery and platinum alternatives.
Platinum Jewellery Market Shows Resilience
PGI concludes that platinum jewellery has demonstrated strong resilience despite economic volatility, high gold prices and trade uncertainty. The organisation expects the category to maintain growth momentum across global markets in 2026.
