Platinum jewellery demand holds up despite price volatility

Global demand for platinum jewellery has remained resilient in the third quarter of 2025 despite volatility in precious metal prices, according to the latest Platinum Jewellery Business Review from Platinum Guild International (PGI).

PGI said elevated gold prices continued to weigh on overall jewellery demand, but platinum gained share in several markets as consumers sought alternatives. 

Platinum benefited from its relative price position compared with gold, as well as its physical characteristics, including durability and purity.

In China, sentiment softened as high prices affected consumer demand. Platinum jewellery fabrication growth slowed to 23% year on year following a strong first half, although gem-set categories continued to perform well. 

Retail sales among PGI partner retailers fell 5%, outperforming gold jewellery over the same period, with further platinum product launches planned.

India delivered stronger performance, with PGI’s strategic partners recording retail growth of 8% year on year. 

PGI attributed this to network expansion and joint marketing initiatives, including its Men of Platinum brand, which it said helped support trade confidence and consumer engagement.

Meanwhile, in Japan, unit sales were broadly stable despite rising prices. Higher average selling prices lifted overall retail value, with mid-priced jewellery, Kihei chains and neckwear continuing to perform comparatively well.

In contrast, the US market was affected by higher prices and new tariffs, with consumers purchasing fewer items at higher price points. 

Its partner retailers nonetheless reported double-digit revenue growth, supported by a gradual shift from white gold to platinum and the introduction of new platinum alloys.

PGI said it expects the current platinum-to-gold price ratio to support further substitution in bridal and luxury jewellery categories globally, with marketing activity and product development continuing into the fourth quarter.