Platinum Guild International (PGI), a worldwide marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery, has shared findings from its ‘Platinum Jewellery Business Review’ update for the first quarter of this year, highlighting strong growth across key global markets, led by a significant recovery in China.

The report notes that platinum jewellery is seeing renewed global momentum, with China having led the recovery in the first quarter as consumer preferences continue to shift away from gold.

The report also cites robust growth in platinum fabrication, retail sales and strategic partner performance across key international markets.

“The strong recovery we’re seeing in China’s platinum jewellery market is setting the pace for a broader global resurgence,” says PGI CEO Tim Schlick.

As consumers increasingly seek meaningful, high-quality pieces at accessible price points, he notes that platinum is gaining ground not just in China, but also in key markets such as India, Japan, the US and the United Arab Emirates (UAE).

“From double-digit growth in China to steady momentum in India, and resilient growth in the US and Japan, we are witnessing platinum jewellery reassert its relevance and appeal worldwide.

“PGI’s strategic partnerships remain at the heart of this growth story, helping to build lasting consumer connections with platinum,” he says.

In China, the report notes, manufacturers lead the recovery as jewellers shift away from gold, with the Asian country witnessing an unprecedented surge of platinum jewellery upstream, delivering a “standout performance” in the quarter, significantly outperforming the gold and diamond categories.

The recovery, which began in late 2024, gained pace early this year, particularly in March when the monthly platinum jewellery fabrication jumped by over 100% year-on-year.

For the first quarter, platinum fabrication in China surged by 50% year-on-year, driven by both plain and gem-set platinum jewellery.

PGI says this growth reflects upstream inventory building and retail sell-in, as high gold prices and weak demand for diamond jewellery prompted many jewellers to pivot towards platinum.

It estimates that by the end of June, more than 40 platinum-dedicated wholesale showrooms have opened, and several gold production lines have switched to platinum.

The organisation says it has expanded partnerships with new players and provided training and sales tools to grow confidence in platinum throughout the supply chain.

PGI also launched a China-specific marketing asset platform that offers partners advertising and social media content.

Platinum jewellery retail sales also saw notable growth, having increased by 16% year-on-year in what is typically a slower season.

To sustain the momentum and ensure upstream inventory-building translates into end-customer demand and order replenishment, PGI notes that there is a strong demand for targeted marketing efforts and industry-wide collaborations on new product offerings and sales activation. 

Meanwhile, in India, platinum jewellery continued to post growth despite wider market challenges, including record-high gold prices and the seasonal slowdown linked to the end of the financial year in March.

PGI’s top 15 strategic partners in India achieved an average platinum sales growth of 7% year-on-year, supported by a series of in-store activations, digital campaigns such as Platinum Love Bands and celebrity-driven marketing.

In the UAE, platinum jewellery continued its strong growth in the quarter, with retail sales up 25% year-over-year.

Platinum now has a presence in 136 stores across the Gulf Cooperation Council, where consumer interest continues to rise, particularly among South Asian communities.

PGI says its focused partnerships and targeted campaigns are helping to further cement platinum’s place in the UAE jewellery market.

Moreover, Japan’s jewellery market extended its growth streak to 16 consecutive quarters, with platinum jewellery continuing to outperform the broader market and supported by a market-wide shift away from high-priced gold.

Unit-based sales of platinum jewellery rose by 1% year-on-year in the quarter, driven by strong performance in discount stores, department stores and non-store channels.

Consumers showed particular interest in pendants, necklaces, Kihei chains and platinum pieces at accessible price points.

In the US, platinum jewellery unit sales increased by 19% year-on-year among PGI’s strategic partners, while revenue jumped by nearly 24% as consumers focused on fewer but higher-value purchases.

PGI says wedding bands and fashion jewellery were standout categories, demonstrating the continued appeal of platinum in meaningful life events.

It notes that platinum conversion continues, as some retailers have started to move inventory from white gold to platinum.