Unlike gold, which has been melted, moulded and worked for thousands of years, platinum was only identified as a separate element in the mid-18th century because of its scarcity and unique physical properties. Due to its high melting point, platinum could not be melted, and therefore cast, until 1782.

Platinum jewelry is known for its purity. Unlike white gold, which achieves its whiteness as a result of being alloyed or coated with other metals, platinum is a naturally white precious metal that never needs replating. It is also denser than gold; fine platinum jewelry weighs 40 per cent more than 18 carat gold.

Platinum only needs to be mixed with the smallest amount of other platinum group metals to create an alloy that can be moulded, cast and shaped. As a result, platinum is one of the purest jewelry metals available; in most markets it is 90 or 95 percent pure, compared to white or yellow gold, where 18 carat is only 75 percent pure and 14 carat only 58 percent. Platinum’s purity means that it is hypoallergenic and so highly unlikely to cause skin irritation, whereas the alloys used in white gold – especially nickel – are not always so well tolerated. Further, its physical properties make it a superior metal for gem-set jewelry due to its strength.

Jewelry is a key component of platinum demand, standing at around 25% of total demand. Platinum jewelry demand peaked at  approximately 3.0 Moz in 2014 before declining, with demand falling below 2.0 Moz between 2020 and 2023. This erosion was due to declining demand in China, which had previously, and for many years, been the largest market for platinum jewelry, peaking in 2014 at 2.0 Moz of demand (Figure 2).

The platinum jewelry market decline stabilized in 2024, with year-on-year demand growth of almost 9% reflecting increases across all markets, including China. 

A significant trend in the platinum jewelry market over the last decade or so has been the scale of the growth in demand outside of China. Ex-China demand was an estimated 1.0 Moz in 2014, compared to approximately 1.6 Moz in 2025. This has in large part compensated for the loss of demand in China, which, while now on an upward trajectory, remains at a historically low level. It has also led to a more geographically diversified market rather than one that is overly reliant on demand from China (Figure 3).

The geographic balance in platinum jewelry demand stands in contrast to the gold and silver jewelry markets that are heavily dominated by “Rest of the World” demand, which is predominantly India.

Broader trends, such as declining marriage rates and changing consumer preferences, have undoubtedly played a part in the reduction in demand for platinum jewelry in China. Further, prior to 2025, platinum jewelry faced strong competition from karat gold.

Meanwhile, outside of China, platinum jewelry demand increased by a 3.4% CAGR from 2014 to 2025. This growth reflected a combination of strong growth from the luxury market and successful promotion in India.

Since the end of 2024, platinum’s price discount relative to gold has had a positive impact on platinum jewelry demand across most markets. Demand in 2025 also benefited from increased luxury goods purchases and lower gemstone prices.

Platinum jewelry demand rose year-on-year by an estimated 7% to 2,157 koz, the highest level since 2018, as platinum gained share from gold, which saw a significant contraction in jewelry fabrication throughout 2025.

In China, the first half of 2025 saw a spike in platinum jewelry demand in response to weak gold jewelry demand, which led Chinese wholesalers to liquidate unsold gold stock and transition into lower cost platinum jewelry. While the second half demand softened relative to this surge, growth continued in the second half and the overall result for the full year was an estimated 44% year-on-year leap in demand to 594 koz. 

Demand in North America reached an estimated 467 koz (+5%), supported by growth in the bridal and high-end segments. Europe was up an estimated 6% to 365 koz to record its fifth consecutive year of growth. Japan saw a 3% increase to 385 koz. In India, the market faced headwinds as U.S. tariffs negatively impacted demand from platinum jewelry exports. Here, demand declined by an estimated 30% to 186 koz, nevertheless achieving the fourth highest annual total on record.

In 2026, platinum jewelry demand is forecast to contract by 6%, although it will just remain above the 2.0 Moz mark. 

In China, demand is projected to drop 14% year-on-year, although this must be viewed in the context of the extraordinarily high level of demand recorded in the first half of 2025 that drove the high demand growth seen in the prior year.  Excluding this atypical stock-build, Chinese jewelry fabrication would actually demonstrate a small year-on-year increase in 2026.

Also, recent changes to how Value Added Tax (VAT) is applied to platinum and gold in China have implications for jewelry fabrication. In terms of platinum jewelry demand, there is some downside risk (not included in the 2026 forecast), as Chinese platinum demand has historically been price sensitive and is likely to soften on higher costs, potentially dampening short-term demand while consumers normalize to new price levels that include VAT. That said, the imposition of VAT on gold jewelry and the ensuing price hike could work to the benefit of platinum jewelry demand, as the gold:platinum price differential widens further.     

In North America, platinum’s discount to gold will continue to support platinum jewelry versus white gold in jewelry sales, although the absolute cost of platinum jewelry is set to rise. The forecast is for modest 1% growth. In Europe, fabrication is expected to consolidate at a similar level to 2025 after five successive years of growth.

Indian platinum jewelry fabrication is projected to decline 15% year-on-year in 2026 to 158 koz – the lowest level since 2022 – as weak consumer sentiment, limited retailer promotion and slowing exports weigh on demand. Nonetheless, record gold prices, a rising interest in men’s collections and stronger online sales should help cushion the fall.

Looking further ahead, WPIC’s two-to-five-year forecast sees platinum jewelry demand more or less maintaining its current level through to 2029, with modest 1% CAGR seeing demand reaching 2,137 koz in 2029.