(June 2025, Hong Kong) Platinum Guild International (PGI) successfully hosted the 2025 Platinum Jewellery Business Review (PJBR) event in London on 21st May 2025, themed “Platinum Jewellery – Ready to Shine in a New Era of Demand”. The event brought together platinum producers, industry experts and leaders, investors and analysts to explore new opportunities for platinum in the jewellery sector.
Tim Schlick, CEO, PGI
Tim Schlick, CEO of PGI, reviewed the past and current conditions of the platinum jewellery market, addressing the opportunity of significant incremental demand for platinum jewellery on the back of white gold conversion.
Mr. Schlick also announced PGI’s new global brand proposition for platinum in jewellery, “Metal of Truth”, which underscores platinum as the ultimate symbol of authenticity and enduring value and reaffirms its central role in marking life’s most meaningful moments. Platinum is known as a rare and precious metal that stays naturally white and retains a high purity level (usually at 95% platinum content) when used in jewellery.
“Throughout history, jewellery has always played a central role in expressing meaning, emotions, and self-realisation,” said Tim Schlick. “Our new brand proposition positions platinum as the metal that truly honours those moments. While trends change, truth endures, and platinum is a metal that reflects those true moments better than any other.”
At the PJBR, Mr. Schlick also hosted a panel discussion with Ms. Wilma Swarts, Director of PGM Research at Metals Focus, Mr. Hilton Ingram, Executive Head of Marketing at Valterra Platinum, Mr. Andrew Morton, Managing Director at Weston Beamor and Mr. Masakazu Tanaka, CEO of Tanaka Precious Metal Retailing Co., Ltd. The panel discussed how the industry could capture platinum jewellery development opportunities in the context of the widening price gap between platinum and gold, through perspectives from different players in the value chain. White gold jewellery in 14K and above purity was one area in which the panel believed platinum could particularly capture the substitution opportunity.
Panel Discussion (from left to right): Tim Shlick, CEO, PGI; Wilma Swarts, Director of PGM Research, Metals Focus; Hilton Ingram, Executive Head of Marketing, Valterra Platinum; Andrew Morton, Managing Director, Weston Beamor; Masakazu Tanaka, CEO, Tanaka Precious Metal Retailing Co., Ltd.
Zhenzhen Liu, Director of Global Corporate Marketing, PGI, delivered a presentation on platinum jewellery market demand in 2024 and the outlook for 2025. Ms. Liu demonstrated how PGI is stimulating demand through strategic, consumer-focused initiatives in each of its core markets, and introducing the benefits and value of platinum to consumers and the jewellery industry in key markets.
Zhenzhen Liu, Director, Global Corporate Marketing, PGI
India: Men’s jewellery thrives in India and drives the expansion in the Middle East
In India, despite the general elections disrupting the jewellery business in Q2 2024, PGI estimates that platinum jewellery fabrication increased by 14% YoY. Beyond the regular trade initiatives, growth was also supported by the successful launch of the Men of Platinum MS Dhoni signature collection. Men of Platinum has become the largest contributor to retail ounce sales among the three PGI brands.
PGI has also introduced branded jewellery to the Middle East. Starting with the UAE, PGI’s pilot project introduced the three Indian brands to the Indian expat population, other South Asians and local Emiratis. In 2025, domestic platinum jewellery fabrication in India and demand in the UAE are expected to grow by double digits, led by men’s jewellery.
US: Platinum and gold price differentials, along with trade support, are expected to encourage a rising trend of shifting from white gold to platinum jewellery
In the US, PGI estimates that total platinum jewellery retail sales grew by 7% YoY last year, fuelled in part by retailers converting their white gold inventory to platinum. The rising lab-grown diamond market also motivated retailers to focus on platinum to increase the average transaction size and optimise profit margin.
PGI USA also introduced Inoveo Platinum, a new platinum alloy brand developed by Valterra Platinum in collaboration with Alloyed, to the jewellery industry in June 2024. It is designed to improve manufacturing efficiencies and answer the challenges communicated by designers and jewellers when working with platinum in the past. Over 30 manufacturers have tested the alloy since its launch.
Japan: Substitution from gold and continued growth in asset-based jewellery and bridal rings boost platinum jewellery demand
In Japan, the widening price gap between gold and platinum has driven substitution trends, decreasing gold fabrication by 7% YoY while platinum fabrication increased by 11% YoY. Retail ounce demand also grew by 6% YoY, under sustained preference for asset-based jewellery and a slight increase in marriages, paired with a higher bridal platinum metal share and a continued boost from inbound tourism.
Platinum continues to dominate the white metal market, increasing to 28% of total jewellery unit sales last year, compared to white gold, which continued to decline to 19%, a trend expected to accelerate this year.
China: Upstream momentum fuelled fabrication demand rebound
With the tailwinds of rising gold prices, platinum jewellery fabrication was up by 10% YoY in Q4 2024, a recovery that was sustained in Q1 2025, with platinum jewellery fabrication increasing by 50% YoY. In response, dozens of dedicated platinum wholesale showrooms have opened in Shenzhen, the jewellery manufacturing hub in China, and several gold manufacturers have switched production lines to platinum.
With PGI acting to take advantage of these supportive dynamics through multiple interventions with its industry partners, 2025 could see a meaningful and sustained turnaround for the platinum jewellery market.