Platinum jewellery gains share amid record gold prices – PGI

"The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market,” he adds.

PGI on April 15 published its ‘2025 Platinum Jewellery Business Review’, which shows varying regional performance trends, with platinum's value proposition remaining supportive in key markets against a backdrop of record-high gold prices and evolving trade dynamics.

In addressing the key regional market highlights, PGI reports that China’s platinum fabrication softened further in the fourth quarter after a strong first half, but still recorded a 56% year-on-year increase in 2025.

The slowdown was driven by a combination of slower inventory turnover and elevated metal prices, which diverted retailer capital towards gold and dampened restocking sentiment.

Wholesalers liquidated generic stock to realise capital gains, while retailers prioritised operational resilience. Despite significant challenges, PGI’s retail partners outperformed the broader market, achieving a 7% year-on-year increase in platinum jewellery sales volume during the last quarter of 2025.

In India, platinum jewellery continued to outperform the broader market, with strategic partners’ retail sales growing 10% year-on-year. Overall jewellery demand saw a marginal uptick, supported by the festive season and a shift toward lightweight purchases, though volume growth was constrained by a high comparison base and sharp gold price increases.

Promotional efforts for jewellery brands such as Men of Platinum reinforced platinum’s value amid price volatility, PGI points out.

Further, PGI continued expanding its United Arab Emirates presence by onboarding new retailers, bringing the total to 174 stores at the end of 2025.

Meanwhile, Japan’s jewellery market saw value recover in the fourth quarter owing to sustained price increases, while platinum jewellery unit sales recorded a notable 1.5% year-on-year recovery.

This upturn was partly supported by the substitution away from gold amid extreme price volatility. For the full year, platinum’s share of unit sales rose, and white gold’s share declined.

In the US, platinum jewellery sales reflected a clear divergence between declining unit volumes and strong value growth, with dollar sales significantly outpacing volumes. Record-high gold prices cooled volume demand across the broader industry, but platinum’s price – remaining less than half that of gold – bolstered its appeal.

Despite tariff-related headwinds, the shift from white gold to platinum accelerated, with strategic partners reporting double-digit revenue growth.

"The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market.

"With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike.

“Looking ahead, PGI remains committed to partnering with the trade to capitalise on this favourable price dynamic – driving innovation, supporting strategic marketing initiatives and reinforcing platinum's enduring value in bridal, fashion, and other key segments," Schlick comments.