Platinum jewellery demand continues to show resilience amid market fluctuations
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Global platinum jewellery demand has shown notable third-quarter (Q3) resilience as consumers in key markets seek value and authenticity amid historic highs in gold prices, Platinum Guild International (PGI) reported on Wednesday January 7.
The PGI's Q3 2025 Platinum Jewellery Business Review outlined how platinum's natural white brilliance, exceptional durability, and high purity are continuing to drive a compelling value proposition.
"The current record-high price of gold represents a significant opportunity for platinum, as consumers actively seek a premium yet accessible alternative," PGI CEO Tim Schlick emphasised the clear shift towards platinum's superior value proposition in a release to Mining Weekly.
"We're intensifying our strategic efforts to ensure the market capitalises on this moment," Schlick added with platinum positioning itself as the discerning choice for trade partners and jewellery consumers.
However, after an initial 108% first-half surge, platinum jewellery fabrication slowed in China – but with the gem-set sector's robust momentum continuing to substantially outperform the gold jewellery segment. Although China's fourth-quarter trade sentiment remained cautious, leading retailers are preparing to launch new platinum collections to stimulate demand.
In India, platinum jewellery outperformed the broader market with PGI's strategic partners achieving 8% retail sales growth year-on-year. Rising yet still competitive platinum prices versus gold, expansions of the retail network and co-operative marketing programmes for brands like Men of Platinum, have built trade confidence and are creating new market opportunities in the Sub-Continent on the back of ongoing marketing and brand initiatives.
In Japan, platinum jewellery unit sales held firm despite rising prices. Increased Q3 retail sales value was driven by higher average prices. Growth was reported in the mid-priced categories with demand for Kihei and neckwear categories remained strong.
In the US, new tariffs and rising prices have had the negative effect of consumers purchasing fewer units but at higher price points and shifting towards more selective buying across the overall jewellery sector. In the case of platinum jewellery, market resilience resulted in PGI partners reporting double-digit revenue growth despite a slight dip in unit sales. The shift from white gold to platinum continues despite tariff-related headwinds, accelerated by high gold prices and innovative alloys for platinum jewellery.
Looking ahead, PGI anticipates that the favourable platinum-to-gold price ratio will drive more substitution across bridal and luxury segments globally. Continued marketing investment and product innovation are expected to sustain momentum, positioning the fourth quarter for positive performance supported by strategic brand positioning.
PGI is a worldwide marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery. It has offices in world's major jewellery markets and through various programmes in collaboration with jewellery retailers and manufacturers, PGI creates consumer ounce demand by identifying and fulfilling platinum jewellery opportunities for its partners. Formed in 1975 to grow platinum jewellery demand, PGI is funded by South African platinum producers and works collaboratively with jewellery fabricators, retailers, and brands in core markets.

Platinum jewellery demand continues to show resilience amid market fluctuations

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