Global platinum jewellery demand has shown notable resilience in the third quarter, as consumers in key markets seek value and authenticity amidst historic highs in gold prices, according to the Q3 2025 Platinum Jewellery Business Review (PJBR) released by Platinum Guild International (PGI).

While elevated precious metal prices have softened broader jewellery sentiment, platinum is gaining share. Its inherent qualities—including natural white brilliance, exceptional durability, and high purity—are driving a compelling value proposition.

“The current record-high price of gold represents a significant opportunity for platinum, as consumers actively seek a premium yet accessible alternative,” said Tim Schlick, CEO of PGI. “Our report shows a clear shift towards platinum’s superior value proposition. We are intensifying our strategic efforts to ensure the market capitalises on this moment, positioning platinum as the discerning choice for both of our trade partners and the jewellery consumers.”

China: Weak sentiment and soaring prices continue to pressure jewellery sales

Platinum jewellery fabrication slowed to 23% YoY after an initial H1 surge of 108%, with the gem-set sector maintaining robust momentum. Retail sales among PGI partners declined a modest 5%, substantially outperforming the gold jewellery segment. Trade sentiment for the fourth quarter remains cautious overall, with expectations of continued softness in the wider jewellery market and the need to digest inventory built early this year. However, leading retailers are preparing to launch new platinum collections to stimulate demand.

India: Platinum jewellery outperformed the broader market

Despite challenges due to high gold prices and a tough comparison with 2024’s exceptional growth, PGI’s strategic partners achieved 8% YoY retail sales growth. Rising yet still competitive platinum prices versus gold, expansions of the retail network and co-operative marketing programmes for brands like Men of Platinum have built trade confidence and are creating new market opportunities. Through ongoing marketing and brand initiatives, platinum jewellery continues to gain traction among consumers.

Japan: Platinum jewellery unit sales held firm despite rising prices

Retail sales value increased during Q3, driven by higher average prices. Unit sales of platinum jewellery declined slightly, whilst growth was reported among mid-priced categories. The demand for Kihei and neckwear categories remained strong.

United States: Platinum jewellery sales affected by rising prices and new tariffs

Across the overall jewellery industry, consumers are purchasing fewer units but at higher price points, shifting towards more selective buying behaviour. The market exhibited resilience, with PGI partners reporting double-digit revenue growth despite a slight dip in unit sales. The shift from white gold to platinum continues despite tariff-related headwinds, accelerated by high gold prices and innovative alloys for platinum jewellery.

Looking ahead, PGI anticipates the favourable platinum-to-gold price ratio will further drive substitution across bridal and luxury segments globally. Continued marketing investment and product innovation are expected to sustain momentum, positioning the fourth quarter for positive performance supported by strategic brand positioning.