Platinum Guild International (PGI) presented its annual Platinum Jewellery Business Review (PJBR) in an online presentation, themed “A year of resilience”. The review set out platinum jewellery demand across key markets in 2025 and the outlook for 2026, describing an exceptional year for platinum jewellery that was best characterised as a year of resilience.
Tim Schlick, CEO of PGI, reviewed the conditions of the platinum jewellery market through 2025 and set out the outlook for 2026. He described 2025 as a turbulent year marked by global disruptions that made it difficult to predict and, more importantly, difficult to navigate.
Mr. Schlick explained that the jewellery industry faced the same two challenges across markets in 2025. The first was metal prices: record gold prices dampened floor traffic, one of the most important metrics for a jewellery retailer, with the effect felt most acutely in China and India, while platinum metal lease rates and squeezed manufacturing margins. The second was the import tariffs imposed by the US government, compounded by a lack of clarity, which had a significant global impact.
Despite these headwinds, Mr. Schlick reported that platinum jewellery delivered growth across all markets in 2025, generating the highest demand level since 2019.
“Despite significant challenges, platinum jewellery was able to deliver growth across all markets, generating the highest demand level since 2019,” said Tim Schlick. “While the world was being disrupted profoundly, the key platinum jewellery markets responded with remarkable resilience.”
China: A manufacturing boom drove platinum’s most turbulent year, with fabrication up 56% as the price rally drew new players into the category
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 the sharp rise in the gold price, which drew new players into the category. 2025 was a year of large-scale sell-in, while sell-out to consumers was more measured, with PGI partners reporting retail growth of 7%.
With more than half of Chinese platinum demand linked to three love-gifting occasions, PGI partners outperformed the market: its May 20th Day of Love campaign with participating partners delivered a 17% increase in average sales, and Q3 PGI-supported retailers saw platinum jewellery volume rise 10 to 20% as gold declined. Its JD.com campaign with more than 30 leading jewellery brands delivered a 110% sales increase among participating partners, with the top eight growing more than 230%.
United States: Platinum continued to outpace category benchmarks in the world’s largest luxury market
In North America, platinum jewellery demand grew by 6% in 2025, in stark contrast to gold jewellery, which declined by 10%. The price delta to gold made converting white gold to platinum a profitable proposition for the trade. For example, a leading bridal and fashion brand introduced a white gold conversion incentive that delivered successful conversions to platinum by quoting both metal prices at the time of purchase.
With the increase in lab-grown diamonds, now chosen by over 60% of consumers for the centre stone, there is an opportunity for consumers to spend more on the metal in the engagement ring, the single most important purchase in the US jewellery industry. In a K-shaped economy, high-end jewellery rose in both units and value, and bridal remained a priority.
Japan: Platinum continued to gain from a high base in the highest per-capita market globally
In Japan – the world’s highest per-capita platinum jewellery market – platinum jewellery demand grew by 2% in 2025, increasing its share of retail unit sales to 28%, while gold jewellery demand fell by 11%. Platinum continued to gain share from white gold amid elevated gold prices. Demand for higher-weight pieces such as Kihei chains held firm, while a growing cohort of younger affluent consumers increasingly purchased jewellery for themselves. PGI’s Platinum Woman programme delivered robust growth despite the retail price increases, with unit sales up 6% and value sales up 23% year on year.
India: Market resilience despite strong headwinds in platinum’s fastest-growing market
In India, platinum’s fastest-growing jewellery market, platinum manufacturing rose by 4% to 280,000 ounces in 2025, against a 24% decline in gold jewellery demand. While more modest than the double-digit growth of recent years, the figure reflects the impact of US tariffs on exports, and on domestic demand alone, PGI partners recorded growth of 10 to 15%. PGI India partners were also central to platinum’s expansion into the Middle East, which saw tremendous uptake over the year. In the market, the Men of Platinum #MomentWithMahi campaign closed with an exclusive fan meet-and-greet with MS Dhoni at the Taj Lands End in Mumbai.
2026 Outlook: Five markets, five trajectories
Looking ahead, PGI set out distinct trajectories for its five markets in 2026. In the US, the outlook is dynamic and dependent on more stable metal prices and the platinum price delta to gold; high-end and bridal are expected to remain resilient despite economic challenges, and white gold conversion is expected to continue, although yellow gold continues to gain market share. Japan is expected to remain stable, with platinum jewellery demand supported in everyday purchases and a separate, steady recovery in bridal demand. China is expected to normalise towards pre-2025 levels, with retail sell-through, replenishment and sales at key purchasing occasions in 2026 determining the pace of recovery. India is expected to remain resilient, steering for positive results amid geopolitical challenges and industry headwinds. In Europe, the market is expected to shift towards lower karats, with 18K gold likely to lose share to 9-10K gold and to platinum, the latter also supported by the bridal segment.
With platinum jewellery having proved its resilience through a year of exceptional disruptions, PGI sees a foundation for continued momentum across its markets in 2026.
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