Gold 0.21%
£3,260.52 OZ
Silver -2.37%
£48.72 OZ
Platinum -0.49%
£1,344.57 OZ
The Silver Britannia is capital gains tax free in the UK, making is a very popular choice with UK investors
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Platinum jewellery demand has shown remarkable resilience and growth in the first quarter of 2025, reflecting evolving consumer preferences, shifting market dynamics, and a complex interplay between gold and platinum pricing. With global demand up 9% year-on-year in Q1 2025 to 533 thousand ounces (koz), platinum jewellery is regaining prominence in several key markets.
Global platinum jewellery demand has experienced a steady rebound since 2021, reversing the declines seen in previous years. After a dip in 2022 and 2023, demand reached 2.008 million ounces in 2024 and is forecast to climb further to 2.114 million ounces in 2025.
This upturn has been fueled by various factors, including widening price differentials between gold and platinum, increased fabrication in high-end branded segments, and shifting consumer preferences.
Europe has seen a remarkable surge in platinum jewellery demand, driven by a combination of shifting market preferences, attractive pricing, and the growing appeal of premium and luxury segments. The first quarter of 2025 highlights this shift, with clear signals that platinum is regaining prominence in the region’s jewellery market.
European platinum jewellery demand surged by an impressive 17% year-on-year in Q1 2025, reaching record highs not seen since 2018. This robust growth was largely driven by the widening price gap between gold and platinum, making platinum a more appealing choice for consumers and jewellery fabricators. Notably, UK hallmarking data from January to February showed a 15% year-on-year rise in platinum hallmarked items, while gold hallmarking experienced a 4% decline.
A key driver behind Europe’s platinum growth is the high-end luxury segment. While white gold remains a favored material for many jewellers due to its ease of working, Swiss platinum watch hallmarking surged by 66% year-on-year in Q1 2025. This dramatic increase underscores the strong demand in premium branded luxury products, where platinum’s durability, unique aesthetic, and prestige make it the metal of choice.
The shift from gold to platinum is most evident among premium and luxury brands, which increasingly prefer platinum for its superior qualities. This migration has been fueled by platinum’s attractive pricing relative to gold, along with rising demand from affluent consumers who value platinum’s lasting appeal and exclusivity.
Europe’s platinum jewellery market is experiencing strong momentum, particularly in the high-end segment where platinum’s allure and value continue to captivate discerning consumers. With hallmarking data and luxury segment growth reinforcing the trend, platinum is carving out a stronger presence in the region’s jewellery industry.
In North America, platinum jewellery demand increased by 11% year-on-year in Q1 2025. This growth was supported by favourable price differentials between gold and platinum, particularly in the bridal segment, where platinum continues to enjoy a strong reputation for durability and timeless appeal. While actual consumer purchases may not have risen as rapidly, fabrication demand was boosted by retailer restocking. Following a stronger-than-expected holiday season, many retailers increased platinum inventories both to meet consumer expectations and as a precaution against potential tariff changes.
Japan has long been a robust market for platinum jewellery, and recent trends reinforce its position. In Q1 2025, platinum jewellery demand maintained market share gains from gold, reflecting gold’s elevated price levels. While growth in Japan slowed compared to previous quarters, this was largely due to a higher base in Q1 2024. In absolute terms, the Q1 2025 total was the highest since Q3 2019.
Both local sales and exports were healthy, with reports from the March Hong Kong International Jewellery Show indicating strong performance by Japanese exhibitors. However, the bridal segment continues to lag, reflecting lower marriage numbers and a persistent preference for foreign brands.
Interestingly, there are emerging signs of success in marketing Japanese-fabricated platinum jewellery to other Asian markets, particularly in regions where platinum has not traditionally been a dominant choice. This shift could represent a significant opportunity for Japanese manufacturers seeking new export markets.
China’s platinum jewellery market saw a robust rebound in Q1 2025, with fabrication rising by 26% year-on-year and 16% quarter-on-quarter. This growth reflects a reversal of the destocking trends that characterised 2024, as wholesalers and regional retailers liquidated unsold gold inventory and increased platinum stock levels. The sustained rise in gold prices has made platinum jewellery a more attractive option, particularly for consumers and retailers looking to diversify offerings and manage inventory risks.
Feedback from manufacturers and showroom operators suggests that while major Hong Kong-branded retailers have yet to undertake similar restructuring, regional players have been more agile in adjusting stock. Nonetheless, the higher retail mark-up applied to platinum compared to gold remains a hurdle for widespread adoption, particularly among entry-level consumers.
India’s platinum jewellery demand contracted by 20% year-on-year in Q1 2025 to just 47 koz, marking the lowest quarterly level since Q3 2023. The decline was driven by falling exports—shipments to key markets such as the US, UK, and UAE fell by 55% year-on-year amid tariff uncertainty and broader economic weakness. Domestically, record-high gold prices dampened consumer sentiment and reduced showroom footfall, further weighing on platinum jewellery demand.
However, manufacturers have noted a rising share of platinum content in bi-metal designs, where platinum is paired with gold. This trend, supported by sustained gold price strength, may signal an evolution in consumer preferences and fabrication strategies. While overall demand remains under pressure, these shifts suggest potential for recovery in the medium term.
The narrative surrounding platinum jewellery demand has undergone a notable transformation. While gold has traditionally dominated the jewellery space, platinum is regaining ground in key markets, thanks to favourable price differentials, luxury consumer preferences, and shifting fabrication strategies.
European and North American markets are seeing stronger platinum adoption, particularly in the high-end and bridal segments. In Japan, platinum continues to make inroads against gold, supported by strategic marketing and export opportunities. China’s reversal of previous destocking trends underscores the metal’s appeal in a rising gold price environment. India’s challenges notwithstanding, the incorporation of platinum into bi-metal designs hints at a future where platinum’s unique qualities can continue to capture consumer interest.
Investing in Platinum
Platinum coins are a great means to owning pure Platinum. Platinum coins are struck all around the world by the finest Mints
