Platinum Guild International (PGI), a worldwide marketing organisation dedicated to creating, expanding, and strengthening consumer and trade markets for platinum jewellery, has today shared its findings from its Platinum Jewellery Business Review update for Q1 2025, highlighting strong growth across key global markets, led by a significant recovery in China.

Platinum jewellery is seeing renewed global momentum, with China leading the recovery in Q1 2025 as consumer preferences continue to shift away from gold. PGI’s Q1 update also highlights robust growth in platinum fabrication, retail sales, and strategic partner performance across key international markets.

Tim Schlick, CEO of Platinum Guild International, said: “The strong recovery we’re seeing in China’s platinum jewellery market is setting the pace for a broader global resurgence. As consumers increasingly seek meaningful, high-quality pieces at accessible price points, platinum is gaining ground not just in China, but also in key markets such as India, Japan, the United States and the United Arab Emirates.

“From double-digit growth in China to steady momentum in India, and resilient growth in the US and Japan, we are witnessing platinum jewellery reassert its relevance and appeal worldwide. PGI’s strategic partnerships remain at the heart of this growth story, helping to build lasting consumer connections with platinum.”

China: Manufacturers lead the recovery as jewellers shift away from gold

China is witnessing an unprecedented surge of platinum jewellery upstream, delivering a standout performance in Q1 2025, significantly outperforming the gold and diamond categories. The recovery, which began in late 2024, gained pace in early 2025, particularly in March when the monthly platinum jewellery fabrication jumped by over 100% YoY. For the first quarter, platinum fabrication in China surged by 50% year-on-year, driven by both plain and gem-set platinum jewellery.

This growth reflects upstream inventory building and retail sell-in, as high gold prices and weak demand for diamond jewellery prompted many jewellers to pivot towards platinum. PGI estimates that by the end of June, more than 40 platinum-dedicated wholesale showrooms have opened, and a number of gold production lines have switched to platinum. PGI has expanded partnerships with new players and provided training and sales tools to grow confidence in platinum throughout the supply chain. PGI also launched a China-specific marketing asset platform (www.platinumabc.com.cn) that offers partners advertising and social media content.

Platinum jewellery retail sales also saw notable growth, increasing 16% year-on-year in what is typically a slower season. In order to sustain the momentum and ensure that upstream inventory-building translates into end-customer demand and order replenishment, there is a strong demand for targeted marketing efforts and industry-wide collaborations on new product offerings and sales activation. 

India: Platinum maintains growth in a slow quarter

In India, platinum jewellery continued to post growth despite wider market challenges, including record-high gold prices and the seasonal slowdown linked to the end of the financial year in March. PGI’s top 15 strategic partners in India achieved an average platinum sales growth of 7% year-on-year, supported by a series of in-store activations, digital campaigns such as Platinum Love Bands, and celebrity-driven marketing.

UAE: Platinum growth strengthens

Platinum jewellery in the UAE continued its strong growth in Q1, with retail sales up 25% year-over-year. Platinum now has a presence in 136 stores across the Gulf Cooperation Council (GCC), where consumer interest continues to rise, particularly among South Asian communities. PGI’s focused partnerships and targeted campaigns are helping to further cement platinum’s place in the UAE jewellery market.

Japan: Platinum growth surpassed the total market

Japan’s jewellery market extended its growth streak to sixteen consecutive quarters, with platinum jewellery continuing to outperform the broader market and supported by a market-wide shift away from high-priced gold. Unit-based sales of platinum jewellery rose by 1% year-on-year in Q1, driven by strong performance in discount stores, department stores, and non-store channels. Consumers showed particular interest in pendants, necklaces, Kihei chains and platinum pieces at accessible price points.

United States: Increased platinum conversion from white gold

In the United States, platinum jewellery unit sales increased by 19% year-on-year among PGI’s strategic partners, while revenue jumped by nearly 24% as consumers focused on fewer but higher-value purchases. Wedding bands and fashion jewellery were standout categories, demonstrating the continued appeal of platinum in meaningful life events. Platinum conversion continues, as some retailers have started to move inventory from white gold to platinum.