Platinum Guild International (PGI) has released its annual Platinum Jewellery Business Review, revealing that platinum jewellery demand grew across all key markets in 2025 despite record gold prices and US import tariffs. For overseas jewellery buyers, this signals a shifting competitive landscape where platinum is gaining share from gold in bridal, fashion, and self-purchase segments, presenting new sourcing opportunities for OEM/ODM partners.
Global market overview
PGI CEO Tim Schlick described 2025 as a turbulent year marked by global disruptions, including record gold prices that dampened retail floor traffic and US import tariffs that created uncertainty. Despite these headwinds, platinum jewellery delivered growth across all markets, reaching its highest demand level since 2019. The price delta between platinum and gold made converting white gold to platinum a profitable proposition for manufacturers and retailers.
China: Fabrication surge driven by gold price rally
In China, platinum jewellery fabrication rose 56% year on year to 589,000 ounces in 2025, the strongest manufacturing year since 2022, while gold jewellery demand fell by 25%. The surge was driven largely by new players entering the category as gold prices soared. PGI partners reported retail growth of 7%, with love-gifting campaigns on May 20th and JD.com delivering sales increases of 17% and 110% respectively.
United States: Platinum outpaces gold in luxury market
In North America, platinum jewellery demand grew by 6% in 2025, contrasting with a 10% decline in gold jewellery. The price gap made white gold-to-platinum conversions attractive, with one leading bridal brand introducing a conversion incentive. With lab-grown diamonds now chosen by over 60% of consumers for centre stones, buyers can allocate more budget to the metal, particularly in engagement rings—the most important US jewellery purchase.
Japan and India: Resilience in high-per-capita and fastest-growing markets
In Japan, platinum demand grew 2%, increasing retail unit share to 28%, while gold fell 11%. Higher-weight Kihei chains and self-purchases by younger affluent consumers drove growth. In India, platinum manufacturing rose 4% to 280,000 ounces against a 24% gold decline, with domestic demand up 10-15% despite US tariff impacts on exports. PGI’s Men of Platinum campaign in India also boosted Middle East expansion.
What buyers should watch
For overseas importers and private-label brands, the 2025 data suggests platinum is becoming a stronger alternative to gold in bridal and fashion categories. The 56% fabrication surge in China indicates increased manufacturing capacity and new supplier entrants. Buyers should monitor platinum lease rates and US tariff developments, as these will affect pricing and lead times. The growing adoption of lab-grown diamonds also creates opportunities to upsell platinum settings in engagement rings.
Source: Read the original report | Published: June 04, 2026