Amid record precious metals pricing and shifting luxury demand dynamics, platinum jewellery is demonstrating notable resilience, supported by substitution trends versus gold and continued strength in the bridal and high-end segments.

Speaking at a recent platinum group metals panel during the Mining Indaba event, Tim Schlick, CEO of the Platinum Guild International (PGI), offered key insights into the global jewellery market. He noted that while the recent price rally presents notable challenges for the sector, platinum has demonstrated remarkable resilience and is successfully capturing opportunities arising from sustained high gold prices.

Key Insights:

• Despite the sharp price rally, platinum jewellery has outperformed gold in multiple markets. While mass-market retailers express growing unease over rising metal costs, the high-end segment and bridal category remain robust, highlighting a shift toward higher-value consumer segments where platinum’s premium positioning remains attractive

• The rally has significantly impacted Chinese retailers, with some scaling back Q4 promotions after platinum price surged in December 2025. Despite this, a group of PGI retail partners have launched platinum jewellery collections and new SKUs, and a PGI collaborated marketing campaign and shopping carnival with the leading ecommerce platform JD.com at the year-end drove a significant increase in platinum sales value and volume for the 14 participating retailers.
• In the U.S., a broader consumer shift toward spending on precious metals over diamonds – accelerated by the growing market share of lab-grown diamonds – has benefited platinum. While the platinum-to-gold price ratio remains favourable, substitution continues to gain traction. In Europe, despite volatility creating headwinds for the mid-market, the high jewellery segment and bridal market remain resilient. Luxury brands are increasingly exploring platinum for high-quality gemstone settings, attracted by its superior attributes and premium positioning.

• Platinum’s competitive pricing relative to gold, combined with expanded retail networks and co-operative marketing programmes – such as Men of Platinum, Platinum Days of Love, and Platinum Evara – has strengthened trade confidence in India. These initiatives are successfully driving demand among targeted consumer segments and for key occasions, creating new market opportunities and reinforcing platinum’s relevance in the domestic market, and also expanding the platinum jewellery market into the Middle Eastern market, such as the UAE.
• Mild weather and a favourable holiday calendar supported active year-end sales campaigns across Japan. Retailers reported a noticeable increase in platinum jewellery fabrication and assortment, driven by sustained high gold prices and growing consumer interest in the metal.
• In response to rising metal costs, the industry is seeing a wave of product innovation. Leading manufacturers are increasingly turning to advanced technologies—including new alloy development, 3D printing, additive manufacturing, and electroforming.

Looking Ahead:

The Platinum Guild International (PGI) expects the continued favourability of the platinum-to-gold price ratio to further drive substitution, particularly within the bridal and luxury segments. Sustained investment in marketing and product innovation will be instrumental in maintaining global momentum and capturing emerging opportunities.