Platinum jewelry sales continued to grow across major markets in the second quarter of 2025, according to the latest Platinum Jewelry Business Review released by Platinum Guild International (PGI).
The increase in gold prices has prompted both retailers and consumers to consider platinum as an alternative material due to pricing differentials.
“Despite economic headwinds, platinum jewelry demonstrates enduring value and resilience,” said PGI CEO Tim Schlick. “We are committed to supporting our partners in major markets through collaborations and focused promotions to reinforce platinum’s unique appeal with consumers seeking quality and distinction.”
China: Fabrication Increases on Wholesale Demand
The Chinese platinum jewelry market saw a 151% year-over-year rise in fabrication, supported by wholesale demand. PGI increased the number of platinum-focused showrooms and counters it supports, supplying them with point-of-sale materials and training resources.
PGI’s retail partners in China reported a 19% year-over-year increase in sales, supported by inventory building, co-branded campaigns and the introduction of updated product ranges. Promotional efforts with retail brands and department store chains during the holiday season also contributed to the results.
India and UAE: Promotions Support Platinum Sales
In India, high gold prices impacted consumer demand during key jewelry-buying occasions. However, PGI strategic partners recorded a 15% year-over-year increase in platinum jewelry retail sales. The Season of Love campaign resulted in a 21% sales increase compared to the same period in 2023.
PGI hosted a Platinum Buyer-Seller Meet in June, connecting 60 retailers with 14 manufacturers and achieving a double-digit increase in order volumes. Some retailers increased the presence of platinum items within gold sections and implemented promotional initiatives in-store.
In the UAE, PGI added three new retail partners in Q2, bringing the total number of participating stores to 127.
Japan: First Decline After 16 Quarters
Japan’s jewelry retail market recorded its first year-over-year decline in Q2 2025 after 16 consecutive quarters of growth. The contraction followed strong performance in Q2 2024 and reflected weaker consumer sentiment. Platinum jewelry unit sales fell by 3.4% year-over-year due to price sensitivity, although some retailers adjusted pricing and product offerings to help mitigate the decline.
The industry’s gradual shift toward platinum, influenced by continued gold price inflation, highlights the need for flexible merchandising and pricing strategies in the market.
United States: Targeted Campaigns Support Growth
In the United States, overall jewelry unit sales continued a multi-year decline. However, PGI partners reported a 1.2% increase in platinum unit sales compared to Q2 2024, with revenue up by double digits, reflecting a move toward higher-value items.
Campaigns encouraging the use of platinum in place of white gold contributed to modest sales gains in the US market.
Implications for the Industry
Rising gold prices and coordinated marketing efforts have contributed to increased demand for platinum jewelry in several regions. For retailers and manufacturers, the results underline the importance of adaptable pricing, targeted campaigns and expanded product offerings in response to material substitution trends.
PGI’s Q2 findings indicate that platinum-focused programs and joint initiatives with retailers have played a role in recent market gains.
