India’s platinum jewellery market recorded a 4% year-on-year increase in demand during 2025, highlighting the category’s resilience amid volatile precious metal prices and cautious consumer spending, according to Platinum Guild International (PGI).

The growth comes against a challenging backdrop for the jewellery industry, with gold prices reaching record highs during the year and influencing purchasing behaviour across key consumer segments. While higher gold prices affected affordability in parts of the market, platinum jewellery continued to gain traction among consumers seeking differentiated products and contemporary designs.

PGI attributed the growth to sustained demand across core categories including wedding jewellery, men’s jewellery and self-purchase segments. The organization noted that platinum’s positioning as a distinct precious metal, combined with evolving consumer preferences, supported demand throughout the year.

The Indian market remains one of the most significant growth drivers for platinum jewellery globally. Industry efforts to expand retail distribution, introduce new product collections and strengthen consumer awareness have helped broaden platinum’s appeal beyond its traditional customer base.

According to PGI, younger consumers continue to play an important role in category growth, particularly in urban markets where demand for modern and design-led jewellery has increased. Retailers have also expanded platinum offerings across bridal, gifting and everyday wear categories to capture changing consumption patterns.

The performance contrasts with the pressures faced by parts of the broader jewellery sector, where rising precious metal prices have prompted consumers to reconsider purchase volumes, product weights and spending priorities.

For the trade, the latest figures underscore platinum jewellery’s growing role as a complementary category within retail portfolios. As jewellers seek to diversify product offerings and reduce dependence on a single precious metal segment, platinum continues to emerge as an increasingly relevant proposition for both retailers and manufacturers.

PGI said the category’s growth in 2025 demonstrates platinum jewellery’s ability to maintain consumer interest despite broader economic headwinds and fluctuations in precious metal markets.