Key takeaways
• Platinum jewelry gained market share in Q4 2025 as record-high gold prices led consumers to seek platinum as a premium yet accessible value alternative.
• India and the U.S. showed strong performance, with Indian strategic partners seeing 10% retail sales growth and U.S. partners reporting double-digit revenue growth driven by a shift from white gold to platinum.
• China’s platinum fabrication achieved a 56% annual increase for 2025, despite a Q4 slowdown, while Japan saw a recovery in platinum unit sales due to substitution away from volatile gold prices.
(HONG KONG) – The Platinum Guild International (PGI) released its Q4 2025 Platinum Jewelry Business Review (PJBR), highlighting varying regional performance trends, with platinum’s value proposition remaining supportive in key markets against a backdrop of record-high gold prices and evolving trade dynamics.
Tim Schlick, CEO of Platinum Guild International, Commented:
“The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewelry market.
“With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike. Looking ahead, PGI remains committed to partnering with the trade to capitalize on this favorable price dynamic—driving innovation, supporting strategic marketing initiatives, and reinforcing platinum’s enduring value in bridal, fashion, and other key segments.”
Regional market highlights
China
China’s platinum fabrication softened further in Q4 after a strong first half, but still recorded a 56% annual increase for 2025. The slowdown was driven by a combination of slower inventory turnover and elevated metal prices, which diverted retailer capital towards gold and dampened restocking sentiment. Wholesalers liquidated generic stock to realize capital gains, while retailers prioritized operational resilience. Despite significant challenges, PGI’s retail partners outperformed the broader market, achieving a 7% year-over-year increase in platinum jewelry sales volume during the last quarter of 2025.
Men of Platinum MS Dhoni Signature Edition (India)
India and the Middle East
In India, platinum jewelry continued to outperform the broader market, with strategic partners’ retail sales growing 10% year over year. Overall jewelry demand saw a marginal uptick, supported by the festive season and a shift toward lightweight purchases. However, volume growth was constrained by a high comparison base and sharp increases in gold prices. Promotional efforts for brands such as Men of Platinum reinforced platinum’s value amidst price volatility.
PGI continued expanding its UAE presence by onboarding new retailers, bringing the total to 174 stores at the end of 2025.
Platinum Woman (Japan)
Japan
Japan’s jewelry market saw value recover in Q4 due to sustained price increases, while platinum jewelry unit sales recorded a notable 1.5% year-on-year recovery. This upturn was partly supported by substitution away from gold amid extreme price volatility. For the full year, platinum’s share of unit sales rose, whilst white gold’s share declined.
United States
In the U.S., platinum jewelry sales reflected a clear divergence between declining unit volumes and strong value growth, with dollar sales significantly outpacing volumes. Record-high gold prices cooled volume demand across the broader industry, but platinum’s price—remaining less than half that of gold—bolstered its appeal. Despite tariff-related headwinds, the shift from white gold to platinum accelerated, with strategic partners reporting double-digit revenue growth.
About Platinum Guild International:
Platinum Guild International (PGI) is a worldwide marketing organization dedicated to creating, expanding, and strengthening consumer and trade markets for platinum jewelry. PGI has offices in the world’s major jewelry markets. Through various programs in collaboration with jewelry retailers and manufacturers, PGI creates consumer ounce demand for platinum jewelry by identifying and fulfilling platinum jewelry opportunities for its partners.
For more information, please visit: www.platinumguild.com
LinkedIn: https://www.linkedin.com/company/platinum-guild-international-2901/
For media inquiries, please contact:
Diane Chow
+852 9039 8878
diane@thegoldenthreadgroup.com
