Editor’s Note
This analysis highlights platinum’s enduring role in fine jewelry, noting a shift from China-centric demand to a more globally diversified market. Recent data shows a return to growth across all regions in 2024.
Platinum remains the pre-eminent metal for fine jewelry and platinum jewelry fabrication is a significant demand driver for platinum.
Today, platinum jewelry demand is globally diversified rather than being concentrated in China, as growth in markets outside of China between 2014 and 2024 partially compensated for a loss of demand in China over that period. In 2024, platinum jewelry demand returned to growth across all markets, including China, after troughing in the previous two years.
Since the end of 2024, platinum jewelry demand has been benefiting from platinum’s price discount to gold. This was a key reason behind the estimated growth of 7% in global platinum jewelry demand seen in 2025, to reach a seven-year high.
In 2026, global platinum jewelry demand is expected to contract by 6% as growth in North America and Europe consolidates and India faces tariff-related headwinds. However, the main reason for the contraction is lower demand from China. Although this is down from the exceptional growth in 2025 – prompted by wholesale inventory stocking – projected demand in China will still be up in 2024.
Looking further out to 2029, WPIC is forecasting total platinum jewelry demand to increase by 1% CAGR from 2024 to 2029.
Unlike gold, which has been melted, moulded and worked for thousands of years, platinum was only identified as a separate element in the mid-18th century because of its scarcity and unique physical properties. Due to its high melting point, platinum could not be melted, and therefore cast, until 1782.
Platinum jewelry is known for its purity. Unlike white gold, which achieves its whiteness as a result of being alloyed or coated with other metals, platinum is a naturally white precious metal that never needs replating. It is also denser than gold; fine platinum jewelry weighs 40 per cent more than 18 carat gold.
Platinum only needs to be mixed with the smallest amount of other platinum group metals to create an alloy that can be moulded, cast and shaped. As a result, platinum is one of the purest jewelry metals available; in most markets it is 90 or 95 percent pure, compared to white or yellow gold, where 18 carat is only 75 percent pure and 14 carat only 58 percent. Platinum’s purity means that it is hypoallergenic and so highly unlikely to cause skin irritation, whereas the alloys used in white gold – especially nickel – are not always so well tolerated. Further, its physical properties make it a superior metal for gem-set jewelry due to its strength.
Jewelry is a key component of platinum demand, standing at around 25% of total demand. Platinum jewelry demand peaked at approximately 3.0 Moz in 2014 before declining, with demand falling below 2.0 Moz between 2020 and 2023. This erosion was due to declining demand in China, which had previously, and for many years, been the largest market for platinum jewelry, peaking in 2014 at 2.0 Moz of demand.
The platinum jewelry market decline stabilized in 2024, with year-on-year demand growth of almost 9% reflecting increases across all markets, including China.
A significant trend in the platinum jewelry market over the last decade or so has been the scale of the growth in demand outside of China. Ex-China demand was an estimated 1.0 Moz in 2014, compared to approximately 1.6 Moz in 2025. This has in large part compensated for the loss of demand in China, which, while now on an upward trajectory, remains at a historically low level. It has also led to a more geographically diversified market rather than one that is overly reliant on demand from China.
The geographic balance in platinum jewelry demand stands in contrast to the gold and silver jewelry markets that are heavily dominated by “Rest of the World” demand, which is predominantly India.
Broader trends, such as declining marriage rates and changing consumer preferences, have undoubtedly played a part in the reduction in demand for platinum jewelry in China. Further, prior to 2025, platinum jewelry faced strong competition from karat gold.
Meanwhile, outside of China, platinum jewelry demand increased by a 3.4% CAGR from 2014 to 2025. This growth reflected a combination of strong growth from the luxury market and successful promotion in India.
Since the end of 2024, platinum’s price discount relative to gold has had a positive impact on platinum jewelry demand across most markets. Demand in 2025 also benefited from increased luxury goods purchases and lower gemstone prices.
Platinum jewelry demand rose year-on-year by an estimated 7% to 2,157 koz, the highest level since 2018, as platinum gained share from gold, which saw a significant contraction in jewelry fabrication throughout 2025.