Tim Schlick, CEO of Platinum Guild International (PGI), reviewed the conditions of the platinum jewellery market through 2025 and set out the outlook for 2026, as the organization presented its annual Platinum Jewellery Business Review
Mumbai: The Platinum Guild International (PGI) recently presented its annual Platinum Jewellery Business Review (PJBR) in an online presentation, themed ‘A Year of Resilience’. The review analysed platinum jewellery demand across key markets in 2025 and the outlook for 2026, describing an exceptional year for platinum jewellery that was best characterized as a year of resilience.
Tim Schlick, CEO of PGI, reviewed the conditions of the platinum jewellery market through 2025 and set out the outlook for 2026. He described 2025 as a turbulent year marked by global disruptions that made it difficult to predict and, more importantly, difficult to navigate.
Schlick explained that the jewellery industry faced the same two challenges across markets in 2025. The first was metal prices: record gold prices dampened floor traffic, one of the most important metrics for a jewellery retailer, with the effect felt most acutely in China and India. The second was the import tariffs imposed by the US government, compounded by a lack of clarity, which had a significant global impact.
Despite these headwinds, Schlick reported that platinum jewellery delivered growth across all markets in 2025, generating the highest demand level since 2019. “Despite significant challenges, platinum jewellery was able to deliver growth across all markets, generating the highest demand level since 2019,” Schlick said. “While the world was being disrupted profoundly, the key platinum jewellery markets responded with remarkable resilience.”
In India, platinum’s fastest-growing jewellery market, platinum manufacturing rose by 4% to 2,80,000 ounces in 2025, against a 24% decline in gold jewellery demand. While more modest than the double-digit growth of recent years, the figure reflects the impact of US tariffs on exports, and on domestic demand alone, PGI partners recorded growth of 10 to 15%. PGI India partners were also central to platinum’s expansion into the Middle East, which saw tremendous uptake over the year.
In China, platinum jewellery fabrication rose 56% year-on-year to 5,89,000 ounces in 2025, the strongest manufacturing year since 2022, while gold jewellery demand fell by 25%. The surge was driven largely by the sharp rise in gold prices, which drew new players into the category. Also, 2025 was a year of large-scale sell-in, while sell-out to consumers was more measured, with PGI partners reporting retail growth of 7%.
Meanwhile, in North America, platinum jewellery demand grew by 6% in 2025, in stark contrast to gold jewellery, which declined by 10%.The price delta to gold made converting white gold to platinum a profitable proposition for the trade. For example, a leading bridal and fashion brand introduced a white gold conversion incentive that delivered successful conversions to platinum by quoting both metal prices at the time of purchase.
In Japan – the world’s highest per-capita platinum jewellery market – platinum jewellery demand grew by 2% in 2025, increasing its share of retail unit sales to 28%, while gold jewellery demand fell by 11%. Platinum continued to gain share from white gold amid elevated gold prices. Demand for higher-weight pieces such as Kihei chains held firm, while a growing cohort of younger affluent consumers increasingly purchased jewellery for themselves.
2026 Outlook: Five Markets, Five Trajectories
Looking ahead, PGI has set out distinct trajectories for its five markets in 2026. In the US, the outlook is dynamic and dependent on more stable metal prices and the platinum price delta to gold; high-end and bridal are expected to remain resilient despite economic challenges, and white gold conversion is expected to continue, although yellow gold continues to gain market-share. Japan is expected to remain stable, with platinum jewellery demand supported in everyday purchases and a separate, steady recovery in bridal demand. China is expected to normalize towards pre-2025 levels, with retail sell-through, replenishment and sales at key purchasing occasions in 2026 determining the pace of recovery.
India is expected to remain resilient, steering for positive results amid geopolitical challenges and industry headwinds. In Europe, the market is expected to shift towards lower karats, with 18K gold likely to lose share to 9-10K gold and to platinum, the latter also supported by the bridal segment.
With platinum jewellery having proved its resilience through a year of exceptional disruptions, PGI sees a foundation for continued momentum across its markets in 2026.
The Platinum Guild International (PGI) is a marketing organization with the vision to develop the global platinum jewellery market as a new demand source for platinum. It was formed in 1975 with specialist teams dedicated to growing the global platinum jewellery market through consumer and trade-facing programmes. Since 2015, PGI has been headquartered in Hong Kong.
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