The Platinum Guild International (PGI) has released its Q4 2025 Platinum Jewellery Business Review, outlining regional performance trends amid record-high gold prices and shifting trade dynamics.

Tim Schlick of Platinum Guild International said, “The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market. With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike.”

In China, platinum fabrication softened in Q4 following a strong first half, though full-year fabrication rose 56%. The slowdown was attributed to slower inventory turnover and high metal prices, prompting retailers to divert capital towards gold. Despite this, PGI’s retail partners recorded a 7% year-on-year increase in platinum jewellery sales volume in Q4.

In India and the Middle East, platinum jewellery continued to outperform. Strategic partners in India reported a 10% year-on-year increase in retail sales. Demand was supported by the festive season and a shift toward lightweight purchases, although volume growth remained constrained due to a high base and rising gold prices. PGI also expanded its UAE retail network to 174 stores by the end of 2025.

Japan saw a recovery in jewellery market value in Q4, with platinum unit sales rising 1.5% year-on-year. Platinum’s share of unit sales increased for the full year, while white gold’s share declined, supported by substitution trends.

In the United States, platinum jewellery sales showed strong value growth despite declining unit volumes. With platinum priced at less than half of gold, demand shifted from white gold to platinum, with strategic partners reporting double-digit revenue growth despite tariff-related pressures.