Platinum jewellery generates highest demand level since 2019

South Africa is the world's largest producer of platinum, consistently supplying 70% to 80 of total annual output.

“While the world was being disrupted profoundly, the key platinum jewellery markets responded with remarkable resilience,” Platinum Guild International (PGI) CEO Tim Schlick said during the presentation of the 2025 platinum jewellery business review themed 'A year of resilience'.

In China, 2025 platinum jewellery fabrication rose 56% to 589 000 oz, the strongest manufacturing year since 2022, while gold jewellery demand fell by 25%.

The surge was driven largely by the sharp rise in the gold price, which attracted new participants to platinum jewellery.

PGI partners outperformed the market with more than half of Chinese platinum demand linked to love-gifting occasions.

In Japan – the world’s highest per-capita platinum jewellery market – platinum jewellery demand grew by 2% in 2025, increasing its share of retail unit sales to 28%, while gold jewellery demand fell by 11%.

Platinum continued to gain share from white gold amid elevated gold prices.

Demand for higher-weight pieces such as Kihei chains held firm and the Platinum Woman programme delivered 23% more value despite the retail price increases.

In India – platinum’s fastest-growing jewellery market – platinum manufacturing rose by 4% to 280 000 oz in 2025 compared with a 24% decline in gold jewellery demand.

While more modest than the double-digit growth of recent years, the figure reflects the impact of US tariffs on exports.

The Men of Platinum campaign closed with an exclusive fan meet-and-greet with Indian professional cricketer MS Dhoni at the Taj Lands End five-star hotel in Mumbai.

PGI’s India partners were central to platinum’s expansion into the Middle East, which saw tremendous uptake over the year.

In North America, platinum jewellery demand grew by 6% in 2025, compared with gold jewellery’s 10% decline. The price delta to gold made converting white gold to platinum a profitable proposition for the trade.

“With the increase in lab-grown diamonds, now chosen by over 60% of consumers for the centre stone, there is an opportunity for consumers to spend more on the metal in the engagement ring, the single most important purchase in the US jewellery industry. In a K-shaped economy, high-end jewellery rose in both units and value, and bridal remained a priority,” PGI stated in its media release to Mining Weekly.

LOOKING AHEAD

PGI expects Japan to remain stable, China to normalise towards pre-2025 levels, and Europe is expected to shift towards lower karat gold and to platinum.

With platinum jewellery having proved its resilience through a year of exceptional disruptions, PGI sees a foundation for continued momentum across its markets in 2026.

PGI has offices in the world’s major jewellery markets and creates consumer ounce demand by identifying and fulfilling platinum jewellery opportunities for its partners.