Platinum jewellery is gaining ground in India as record high gold prices push consumers to reassess value, according to the latest Q4 2025 Platinum Jewellery Business Review released by Platinum Guild International (PGI).
India emerged as a relative bright spot, with platinum jewellery continuing to outperform the broader market. PGI’s strategic retail partners reported a 10% year-on-year increase in sales during Q4, even as overall jewellery demand saw only a marginal uptick. This contrasts with more uneven trends globally, where markets like China saw a slowdown in Q4 and the US recorded value growth but softer volumes.
The shift is being shaped by elevated gold prices, which have nudged consumers towards lighter purchases and alternative metals. Platinum, positioned as a premium yet comparatively accessible option, is benefiting from this recalibration in spending.
PGI noted that festive demand provided some support to overall jewellery consumption, but volume growth remained constrained due to a high base and persistent price pressures in gold. Within this environment, platinum’s value proposition strengthened, particularly in branded segments.
Targeted marketing played a role in sustaining momentum. Campaigns for collections such as Men of Platinum helped reinforce platinum’s positioning among younger, value-conscious buyers navigating price volatility.
Tim Schlick, CEO, PGI, commented: “The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market. With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike. Looking ahead, PGI remains committed to partnering with the trade to capitalise on this favourable price dynamic—driving innovation, supporting strategic marketing initiatives, and reinforcing platinum’s enduring value in bridal, fashion, and other key segments.”