Platinum is shining brighter in 2025, especially in the world of jewelry, and this rising demand is pushing its price higher. After a period of decline, platinum jewelry demand has bounced back strongly since 2021. In 2024, global demand for platinum jewelry reached just over 2 million ounces and is expected to grow further to about 2.1 million ounces in 2025.
One key driver behind this surge is China’s rapidly growing appetite for platinum jewelry. After years of falling interest following a peak around 2013, Chinese consumers are now turning away from expensive gold and embracing platinum instead. This shift comes as gold prices remain high—about 15% above early-2025 averages—which has made gold less attractive for buyers. Meanwhile, platinum offers better margins for jewelers and a fresh appeal to consumers looking for alternatives.
In fact, the number of dedicated platinum jewelry showrooms in China’s Shuibei region has tripled recently with around ten new stores opening so far this year alone. This expansion reflects strong confidence that consumer demand will continue to rise sharply—forecasts now predict a remarkable 15% growth in Chinese platinum jewelry fabrication this year compared to earlier estimates of just 5%.
This growing consumer interest isn’t happening in isolation; it coincides with tightening supply conditions worldwide. Platinum mining output is expected to drop by about 4% in 2025—the lowest level seen in five years—mainly due to reduced production from South Africa, which dominates global supply. Recycling rates have also fallen, shrinking the amount of recycled metal returning into the market.
As a result of these factors—a surge in Chinese demand combined with shrinking supply—the market faces what experts call a structural deficit: more people want platinum than there is available metal each year. The World Platinum Investment Council projects an undersupply nearing one million ounces for the third consecutive year.
This imbalance between supply and demand naturally pushes prices upward. In fact, by late May 2025, platinum prices had jumped over 20% since the start of the year and hit their highest point in two years at nearly $1,100 per ounce.
The story behind these numbers shows how changing consumer tastes can influence precious metals markets profoundly—and how shifts like China’s move toward more affordable yet luxurious options like platinum can drive significant price growth globally.
So when you see someone wearing elegant white-metallic rings or necklaces today that sparkle differently than silver or white gold—they might just be part of this exciting new wave boosting platinum’s shine on both wrists and balance sheets alike this year.