Platinum benefits from record gold prices as product conversion from white gold continues
The global platinum jewellery market saw growth across key regions in Q2 2025, according to the latest Platinum Jewellery Business Review. Consumers in key markets are finding greater value in platinum as gold prices continue to reach new highs, and retailers are increasingly turning to platinum.
CEO Statement
Platinum Guild International (PGI)’s CEO, Tim, stated, “Despite economic headwinds, platinum jewellery demonstrates enduring value and resilience, and we are committed to supporting our partners in major markets through collaborations and focused promotions to reinforce platinum’s unique appeal with consumers seeking quality and distinction.”
Findings by Key PGI Markets
China
Exceptional growth was seen in China’s platinum jewellery market, with fabrication increasing by 151% year-over-year, led by strong wholesale demand. PGI therefore expanded its collaboration with a group of dedicated platinum wholesale showrooms and counters, providing them with point‑of‑sale materials and training resources. Retail sales from PGI partners rose 19% year-over-year, driven by inventory building, joint promotions with retailers and innovation in new product collections. PGI launched collaborative promotions with a group of retail brands and a leading department store chain in May and June to capitalise on the holiday period.
India and the UAE
Surging gold prices dampened consumer demand in India despite key jewellery-buying occasions. Meanwhile, PGI’s key strategic partners recorded 15% year-over-year growth in platinum jewellery retail sales. This momentum reflects the impact of targeted initiatives and collaborative efforts, including the Season of Love (SOL) promotional programme, which drove platinum jewellery sales up 21% throughout the campaign period over the previous SOL in 2023. PGI hosted the Platinum Buyer-Seller Meet in June, linking 60 retailers with 14 manufacturers and achieving a double-digit increase in ordered volume. Strategic partners also implemented dedicated in-store activation and notably expanded their platinum offering within gold sections. In the UAE, meanwhile, PGI expanded the network and added three new retailers in Q2, raising the UAE store count to 127.
Japan
Japan’s jewellery retail market saw its first year-over-year contraction in Q2 2025 after 16 consecutive quarters of growth, against the high growth in Q2 2024 amid softer consumer sentiment. Platinum jewellery unit sales declined 3.4% year-over-year, driven by a sharp surge in prices, though select retailers offset losses with strategic pricing and product adjustments. The industry’s ongoing shift towards platinum, prompted by persistent gold inflation, underscores the importance of agile merchandising and pricing strategies to navigate market volatility.
United States
The US jewellery market continued its move towards higher-value purchases, even as unit sales declined for the fifth year. PGI strategic partners recorded moderate growth, with unit sales up 1.2% year-over-year and revenue sales increasing by double digits. Major brands helped fortify platinum’s market visibility through targeted white gold conversion campaigns, further strengthening platinum’s unique quality and appeal.
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