Platinum Guild International (PGI) has released its annual Platinum Jewellery Business Review (PJBR), outlining platinum jewellery performance across key global markets in 2025 and presenting its outlook for 2026. Presented online under the theme “A Year of Resilience,” the review said platinum jewellery demand reached its highest level since 2019 despite industry-wide challenges.

Speaking during the presentation, PGI CEO Tim Schlick said 2025 was marked by global disruptions, including record gold prices, elevated platinum lease rates, manufacturing margin pressures and US import tariffs that affected jewellery markets worldwide.

“Despite significant challenges, platinum jewellery was able to deliver growth across all markets, generating the highest demand level since 2019,” said Tim Schlick. “While the world was being disrupted profoundly, the key platinum jewellery markets responded with remarkable resilience.”

In China, platinum jewellery fabrication increased 56% year on year to 589,000 ounces, while gold jewellery demand declined 25%. PGI said the rise in gold prices encouraged new manufacturers to enter the platinum category, resulting in significant supply growth. Retail sales among PGI partners increased 7%, supported by promotional campaigns and seasonal demand.

North America recorded 6% growth in platinum jewellery demand, compared with a 10% decline in gold jewellery demand. According to PGI, the price difference between platinum and gold encouraged retailers to convert white gold designs to platinum, particularly in bridal jewellery, where lab-grown diamonds have increased opportunities for higher spending on metal.

Japan’s platinum jewellery demand rose 2% in 2025, increasing its share of retail unit sales to 28% while gold jewellery demand fell 11%. PGI reported continued gains over white gold and stronger demand for higher-weight products and self-purchase among younger affluent consumers.

In India, platinum fabrication increased 4% to 280,000 ounces despite a 24% decline in gold jewellery demand. PGI attributed moderated growth to the impact of US tariffs on exports but noted that domestic demand among its partners grew by 10–15%. The organization also highlighted the expansion of Indian partners into Middle Eastern markets during the year.

Looking ahead, PGI expects market-specific trends to shape 2026. It forecasts continued resilience in India, stable demand in Japan, gradual normalization in China, ongoing white gold conversion opportunities in the US and increased competitiveness for platinum in Europe as consumers shift toward lower-karat jewellery.