The global platinum jewellery market is demonstrating strong resilience despite ongoing volatility in precious metal prices. Supported by substitution trends away from gold and sustained demand in premium segments, platinum continues to gain traction in several key jewellery markets worldwide.
During a panel discussion on platinum group metals at the Investing in African Mining Indaba, Tim Schlick, CEO of Platinum Guild International (PGI), highlighted the evolving dynamics of the global jewellery sector. He explained that although rising metal prices pose challenges for the industry, platinum is benefiting from persistently high gold prices and growing interest from consumers seeking alternative precious metals.
According to Schlick, the bridal jewellery and high-end luxury segments remain particularly robust. Strategic marketing campaigns and strong brand positioning have helped platinum maintain momentum in major jewellery markets despite broader economic pressures.
In several markets, platinum jewellery has outperformed gold. While rising metal costs have created uncertainty among mass-market retailers, demand remains stable among high-end consumers who value platinum’s premium appeal and durability. This trend indicates a shift toward higher-value purchases where platinum’s exclusivity and prestige continue to attract buyers.
China has experienced some impact from the recent surge in platinum prices, particularly during late 2025 when retailers reduced certain promotional activities after the metal’s price rose sharply in December. However, several retail partners working with PGI responded by introducing new platinum jewellery collections and expanding their product assortments. A collaborative year-end marketing campaign with the major e-commerce platform JD.com helped boost both the value and volume of platinum jewellery sales for participating retailers.
In the United States, platinum has also benefited from changing consumer preferences. A noticeable shift toward spending on precious metals rather than diamonds—partly influenced by the rising popularity of lab-grown diamonds—has encouraged retailers to expand platinum offerings. With the platinum-to-gold price ratio remaining attractive, substitution trends are continuing to strengthen.
Across Europe, market volatility has affected mid-range jewellery segments, but demand for luxury and bridal jewellery remains stable. High-end jewellery brands are increasingly selecting platinum for gemstone settings due to its strength, durability, and ability to enhance the brilliance of precious stones.
Meanwhile, India has emerged as a particularly promising market. Competitive pricing compared with gold, combined with expanding retail networks and collaborative marketing initiatives—such as Men of Platinum, Platinum Days of Love, and Platinum Evara—has strengthened retailer confidence. These programmes have successfully encouraged demand among targeted consumer groups and for special occasions. The growing popularity of platinum jewellery is also opening opportunities in the United Arab Emirates and other Middle Eastern markets.
At the manufacturing level, rising metal prices are also encouraging innovation. Jewellery producers are increasingly adopting advanced technologies such as new alloy development, 3D printing, additive manufacturing, and electroforming to improve design flexibility and optimise material use.
Looking ahead, Platinum Guild International expects platinum’s favourable price position relative to gold to further accelerate substitution trends—particularly in bridal and luxury jewellery. Continued investment in marketing initiatives and product innovation will play a critical role in sustaining global demand and unlocking new growth opportunities for platinum jewellery.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
