Global demand for platinum jewellery remained resilient in the third quarter of 2025, as consumers in key markets looked for value and authenticity against a backdrop of record-high gold prices. This was highlighted in the Q3 2025 Platinum Jewellery Business Review released by Platinum Guild International (PGI).
While elevated precious metal prices have tempered overall jewellery sentiment, platinum continued to gain share, supported by its natural white lustre, durability and high purity. According to Tim Schlick, the sharp rise in gold prices has created a clear opening for platinum as a premium yet more accessible alternative, prompting PGI to intensify market-facing initiatives.
China saw softer sentiment as high prices weighed on demand. Platinum jewellery fabrication growth slowed to 23% year-on-year after a strong first half, though gem-set categories remained robust. Retail sales among PGI partners declined by a modest 5%, outperforming gold jewellery, with retailers planning new platinum launches to revive demand.
India emerged as a relative outperformer. Despite a challenging base and high gold prices, PGI’s strategic partners recorded 8% year-on-year retail growth. Network expansion and co-marketing initiatives, including Men of Platinum, helped build trade confidence and broaden consumer reach.
Japan reported stable unit sales despite rising prices. Higher average prices lifted retail value, with mid-priced categories, Kihei and neckwear continuing to perform well.
In the United States, higher prices and new tariffs influenced buying behaviour, with consumers purchasing fewer pieces at higher values. PGI partners nonetheless reported double-digit revenue growth, supported by a gradual shift from white gold to platinum and the use of innovative platinum alloys.
Looking ahead, PGI expects the favourable platinum-to-gold price ratio to accelerate substitution in bridal and luxury segments globally. Continued marketing investment and product innovation are likely to support momentum into the fourth quarter.