The global platinum jewellery market saw growth across key regions in the second quarter of 2025, according to the latest Platinum Jewellery Business Review published by Platinum Guild International (PGI) on October 1. 

The review notes that consumers in key markets are finding greater value in platinum as the gold price continue to reach new highs, prompting retailers to increasingly turning to platinum.

“Despite economic headwinds, platinum jewellery demonstrates enduring value and resilience and we are committed to supporting our partners in major markets through collaborations and focused promotions to reinforce platinum’s unique appeal with consumers seeking quality and distinction,” PGI CEO Tim Schlick said.

Significant growth was seen in China's platinum jewellery market, with fabrication increasing by 151% year-on-year, led by strong wholesale demand. For this reason, PGI expanded its collaboration with a group of dedicated platinum wholesale showrooms and counters, providing them with point‑of‑sale materials and training resources.

Retail sales from PGI partners rose 19% year-on-year, driven by inventory building, joint promotions with retailers and innovation in new product collections.

PGI launched collaborative promotions with a group of retail brands and a major department store chain in May and June to capitalise on the holiday period.

Meanwhile, the surging gold price dampened consumer demand in India despite key jewellery-buying occasions. However, PGI’s key strategic partners recorded 15% year-on-year growth in platinum jewellery retail sales.

This momentum reflects the impact of targeted initiatives and collaborative efforts, including the Season of Love (SOL) promotional programme, which drove platinum jewellery sales up 21% throughout the campaign period over the previous SOL in 2023.

PGI noted that it hosted the Platinum Buyer-Seller Meet in June, linking 60 retailers with 14 manufacturers and achieving a double-digit increase in ordered volume. Strategic partners also implemented dedicated in-store activation and notably expanded their platinum offering within gold sections.

In the United Arab Emirates (UAE), meanwhile, PGI expanded the network and added three new retailers in the second quarter, raising the UAE store count to 127.

Japan’s retail jewellery market, on the other hand, saw its first year-on-year contraction in the second quarter after 16 consecutive quarters of growth, against the high growth in the second quarter of 2024 amid softer consumer sentiment.

Platinum jewellery unit sales in Japan declined 3.4% year-on-year, driven by a sharp surge in prices, though select retailers offset losses with strategic pricing and product adjustments.

The industry’s ongoing shift towards platinum, prompted by persistent gold inflation, underscores the importance of agile merchandising and pricing strategies to navigate market volatility.

On the other hand, the US jewellery market continued its move towards higher-value purchases, even as unit sales declined for the fifth year. PGI strategic partners recorded moderate growth, with unit sales up 1.2% year-on-year and revenue sales increasing by double digits.

Major brands helped fortify platinum’s market visibility through targeted white gold conversion campaigns, further strengthening the appeal of platinum.

The gold price has continued its growth trajectory this year, averaging at about $3 067/oz in the second quarter of this year, according to data published by the World Gold Council. The gold price has since risen further to above $3 800/oz in late September – setting new records.

Gold market analysts have forecast the gold price to increase further to above $4 000/oz. Reuters has quoted UBS as saying that the gold price is likely to increase to about $4 200/oz by mid-2026.

Meanwhile, Mining Weekly in early September reported that, according to the World Platinum Investment Council (WPIC), the platinum price had reached a ten-year high of $1 450/oz in July and that platinum jewellery demand – at 1.2-million ounces – had reached the highest levels since 2015 in the first half of this year.

Platinum jewellery demand for the full-year is expected to reach 2.23-million ounces.