India’s jewellery industry is playing a pivotal role in driving global demand for platinum, as highlighted in the latest Platinum Quarterly report released by the World Platinum Investment Council (WPIC). The surge in Indian jewellery fabrication, coupled with persistent supply constraints, is expected to lead to a third consecutive market deficit of 539 koz in 2025.

India’s growing middle class, increasing disposable incomes, and evolving consumer preferences have fuelled the demand for precious metals, including platinum. This has led to a significant uptick in jewellery fabrication.

In Q3 2024, Indian jewellery fabrication surged by 68% year-on-year to 66 koz, contributing to the overall 7% increase in global jewellery demand to 478 koz.

This rise, along with gains in key markets such as Japan and North America, will help overall jewellery demand for 2024 increase by 5% (+102 koz) year-on-year to 1,951 koz. This strong performance is expected to continue, with a projected 2% increase to 1,983 koz in global jewellery demand in 2025.

Growth is anticipated to continue in India, and also expected in North America, driven by post-election sentiment, and, in China, supported by product innovations.