India’s platinum jewellery market continued its growth trajectory in 2025 despite elevated gold prices, US tariff-related disruptions, and broader geopolitical uncertainties, according to Platinum Guild International’s (PGI) latest Platinum Jewellery Business Review (PJBR). Platinum jewellery fabrication in India rose 4% to 280,000 ounces in 2025, reinforcing the country’s position as the fastest-growing platinum jewellery market globally.
While the growth rate was lower than the double-digit gains recorded in recent years, PGI said the performance reflected the market’s resilience amid challenging conditions. Gold jewellery demand in India, by comparison, declined 24% during the year, it noted.
According to PGI, exports were affected by US tariffs, impacting an estimated 15-20% of Indian platinum jewellery manufacturing. However, strong domestic demand helped offset the pressure, with PGI’s retail partners reporting growth of 10-15% in the local market. The organisation also highlighted the growing role of Indian manufacturers and retailers in expanding platinum jewellery consumption across the Middle East, particularly the UAE.
Tim Schlick, CEO of PGI, described 2025 as a turbulent year marked by global disruptions, including soaring precious metal prices and shifting US trade policies. Despite these challenges, platinum jewellery demand increased across all major markets, reaching its highest level since 2019.
PGI attributed India’s performance to sustained consumer interest in platinum jewellery and the continued success of its branded programmes. During the year, the Men of Platinum campaign concluded its #MomentWithMahi initiative with an exclusive consumer engagement event featuring cricket icon MS Dhoni in Mumbai.
Globally, platinum jewellery demand showed resilience across key markets. China recorded the strongest growth, with fabrication surging 56% to 589,000 ounces as rising gold prices encouraged manufacturers and wholesalers to enter the platinum category. North American platinum jewellery demand increased 6%, benefiting from conversions from white gold and continued strength in the bridal segment. Japan, the world’s largest per-capita platinum jewellery market, posted 2% growth as consumers increasingly shifted from white gold to platinum.
Looking ahead to 2026, PGI expects India to remain resilient despite ongoing geopolitical and industry challenges. The organisation believes the combination of domestic demand, regional market expansion, and platinum’s value proposition relative to gold will continue to support positive momentum for the category.