A deep dive into the demand for platinum jewelry

  • 22 Oct 2020
  • By World Platinum Investment Council
  • Topics: Metals

Introduction

Jewellery is the second largest demand segment for platinum, accounting historically for between 26 and 35 per cent of total annual platinum demand. Platinum’s rarity and precious metal status has led to strong, long-standing associations with the luxury goods market, especially in western markets and Japan. China is the largest market for platinum jewellery, with a market share of  41 per cent, or 871 koz, in 2019, although this has been on a declining trend since the peak of the market in China in 2013 when demand reached 1,990 koz. Meanwhile, growth in demand for platinum jewellery has come from the US and India, although this has not been enough to compensate for the loss of market share in China. Research has shown platinum to be the precious metal most associated with love and the expansion of platinum into global jewellery markets is rooted in buyer behaviour in the bridal sector, although self-purchasing is becoming an increasing trend.

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