Platinum jewelry is becoming increasingly popular in China, and several key factors explain this booming trend.
First, the soaring price of gold has played a major role. Gold prices hit record highs recently, making gold jewelry much more expensive for Chinese consumers. This sharp rise has caused gold jewelry sales to drop significantly—by nearly a third in early 2025—because many buyers find it too costly. At the same time, platinum remains much more affordable; its price is roughly one-third that of gold. Since jewelry pricing in China often depends on weight rather than design or brand, platinum offers a compelling alternative that allows consumers to get valuable precious metal pieces without paying as much as they would for gold.
Second, jewelers themselves are shifting focus toward platinum to adapt to changing market conditions. With falling demand for gold jewelry and high inventory costs weighing on their businesses, many manufacturers and retailers are actively promoting platinum products instead. In fact, new platinum-focused showrooms have been opening rapidly in key regions like Shenzhen’s Shuibei district—a hub for gemstone trading—tripling the number of outlets specializing in platinum within just months.
Third, consumer tastes are evolving beyond traditional yellow metals like gold toward white metals such as platinum that offer a modern look while still symbolizing luxury and status. Platinum’s naturally white sheen appeals especially to younger buyers who want something different from classic yellow-gold designs but still desire precious-metal quality.
Additionally, broader economic factors contribute: investors continue buying physical assets amid global uncertainties but prefer diversifying away from only holding gold bars or coins by also purchasing fine jewelry made with other precious metals like platinum.
All these elements combined have sparked an 18% year-over-year increase in Chinese demand for platinum jewelry during early 2025—a stark contrast with declining interest in traditional gold pieces—and helped push global prices of platinum higher due to strong import activity from China.
In short: China’s booming appetite for platinum jewelry stems largely from skyrocketing gold prices pushing consumers and jewelers alike toward this stylish yet cost-effective alternative metal that fits evolving tastes and market realities perfectly.