Recently published Platinum Quarterly Q1 2025 report by World Platinum Investment Council [WPIC] said, Global Platinum jewellery demand tumbled 9% in 1Q.
At the Jewellery demand, WPIC said, global platinum jewellery demand increased by 9% year-on-year in Q1’25 to 533 koz. European fabrication is estimated to have risen by 17% year-on-year to a record high in this series back to 2018. Growth was driven by widening price differentials between gold and platinum, with UK hallmarking for January–February up 15% year-on-year for platinum, while gold declined by 4%.
The branded segment saw even stronger gains. While white gold remains favoured in jewellery fabrication, due to it being an easier fabrication medium, Swiss platinum watch hallmarking rose by 66% year-on-year in Q1’25,
highlighting strength at the upper end of the branded luxury segment. Migration from gold was evident, in part due to the strength in platinum offtake being skewed heavily towards higher-end brands, which tend to favour platinum, over aspirational entry-level producers.
In North America, demand is estimated to have increased by 11% year-on-year, also supported by favourable price differentials in the bridal segment. While consumer purchases may not have risen as quickly, fabrication was lifted by retailer restocking following a stronger-than-expected holiday season, as well as precautionary stocking ahead of potential tariff changes.
In Japan, platinum jewellery continued to enjoy market share gains from gold, due to the latter metal’s extremely high price. While growth slowed compared to the previous two quarters, the Q1’24 base was also much higher. In absolute terms, the Q1’25 total was the highest we have seen since Q3’19.
Both local sales and exports were healthy, with feedback on the March Hong Kong International Jewellery Show suggesting Japanese exhibitors did well. Bridal demand is still a drag to the total, reflecting both low marriage numbers and a preference for foreign brands. Interestingly, anecdotal information points to some success in marketing Japanese fabricated platinum jewellery to other Asian markets where it has not traditionally been popular recently.
Chinese platinum jewellery fabrication rose by 26% year-on-year and 16% quarter-on-quarter in Q1’25. The strong annual comparison reflects the reversal of destocking trends seen in 2024. With gold prices rising and gold jewellery demand underperforming, wholesalers and regional retailers took profits by liquidating unsold gold inventory and rebuilding platinum stock.
Feedback from local manufacturers and showrooms indicated that major Hong Kong-branded retailers had yet to undertake similar restructuring. Their pricing model, which applies a higher mark-up to platinum than to gold, continues to make platinum jewellery less competitive at the retail level.
In India, platinum jewellery fabrication fell by 20% year-on-year to 47 koz, the lowest level since Q3’23. Export-led gains in 2024 were not repeated, with shipments to the US, UK and UAE falling 55% year-on-year due to ongoing tariff uncertainty and broader domestic industry weakness within India due to the high gold price negatively impacting retail footfall.
Domestic demand was also affected, with record-high gold prices keeping consumers out of showrooms. However, manufacturers noted a rising share of platinum content in bi-metal designs, a trend supported by sustained gold price strength.
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