The Platinum Guild International (PGI) has released its Q4 2025 Platinum Jewellery Business Review, highlighting regional demand patterns amid sustained high gold prices and evolving trade conditions.

Tim Schlick, CEO of Platinum Guild International, said, “The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery 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.”

In China, platinum fabrication declined in Q4 following a strong first half, although full-year fabrication increased 56%. The slowdown was linked to slower inventory turnover and elevated metal prices, which shifted retailer focus towards gold. PGI’s retail partners, however, reported a 7% year-on-year increase in platinum jewellery sales volume during the quarter.

In India and the Middle East, platinum jewellery continued to outperform broader market trends. Strategic partners in India recorded a 10% year-on-year increase in retail sales, supported by festive demand and a shift towards lightweight jewellery. PGI also expanded its UAE retail network to 174 stores by the end of 2025.

Japan’s jewellery market saw value growth in Q4 driven by higher prices, while platinum unit sales rose 1.5% year-on-year. Platinum’s share of unit sales increased for the full year, with a corresponding decline in white gold share.

In the United States, platinum jewellery recorded strong value growth despite lower unit volumes. With platinum priced at less than half of gold, substitution from white gold continued, and PGI’s strategic partners reported double-digit revenue growth despite tariff-related challenges.