Platinum jewelry demand has risen sharply in 2025, driven by platinum’s price discount to gold, tight global supply, strong Chinese consumer demand, and increased investor interest that pushed prices to multiyear highs[1][2].
Key drivers and recent trends
– Price dynamics: Platinum’s price surged strongly in 2025, more than doubling year‑to‑date and reaching multiyear highs, which both attracted investor flows and made platinum relatively more attractive versus gold for some jewelry buyers[2][4].
– Jewelry demand growth: Global platinum jewelry demand is projected to increase about 7 percent in 2025 versus 2024, reaching the highest annual level since 2018 as platinum takes share from gold jewelry because of its price discount relative to gold[1].
– China as the main growth engine: China is the standout market, with exceptionally strong growth in 2025 that is a major contributor to the global rise in platinum jewelry demand[1][3].
– Regional variation: North America showed modest growth supported by the price discount to gold, Europe was broadly flat, and India faced weaker conditions with a projected decline in 2025[1].
– Supply and recycling effects: Tight primary supply and constrained inventories helped push prices up, while higher PGM basket prices encourage recycling and secondary supply that can feed jewelry manufacture and remaking activity[1][6][7].
– Substitution and consumer choice: As gold climbed in price and diamonds faced headwinds in some Asian markets, platinum emerged as an affordable-luxury alternative in parts of Asia and among buyers seeking a distinct white metal for wedding and fashion jewelry[3][4].
Implications for jewelry businesses and consumers
– Margin and pricing pressure: Brands and retailers may face higher input costs as platinum prices rise, even while the metal’s premium or discount versus gold changes consumer substitution patterns[4][7].
– Design and product mix: Designers may emphasize lighter-weight platinum pieces, mixed-metal settings, and designs that leverage platinum’s perceived prestige while controlling cost per piece. Rising recycling flows can supply some lower-cost metal for remanufacture[1][6].
– Inventory and sourcing strategy: Tight market conditions and elevated lease rates make inventory management and secure sourcing more important for manufacturers and wholesalers[2][7].
– Marketing opportunities: The narrative of platinum as a premium but comparatively affordable alternative to gold can be used in markets where consumers value white metals and in bridal segments where platinum’s durability is a selling point[3].
Outlook and risks
– Continued upside possible but uneven: Analysts and market forecasters see potential for further price support from tight supply, automotive and industrial demand, and investor interest, but expect the pace of gains to moderate and regional demand to remain uneven[5][7].
– Recyling and secondary supply: Higher PGM basket prices can boost recycling, which may provide some relief to tight physical markets and influence the cost base for jewelry makers[1][6].
– Macro and policy risks: Trade measures, changes in automotive emissions demand, and swings in investor sentiment could quickly change price signals and therefore jewelry demand trajectories[2][5].
Sources
https://platinuminvestment.com/files/954835/WPIC_PR_PQ_Q3_2025_20251119.pdf
https://uk.fashionnetwork.com/news/Platinum-hits-17-year-high-as-tight-supply-doubles-price-in-2025,1792943.html
https://jingdaily.com/posts/asian-jewelry-trends-2025-platinum-vs-gold-vs-diamonds
https://fortune.com/article/current-price-of-platinum-12-18-2025/
https://gerrardsbullion.com/invest/2026-platinum-predictions-will-tight-supply-keep-prices-high/
https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief/
https://www.heraeus-precious-metals.com/en/company/press-and-news/heraeus-precious-metals-forecast-2026/