WPIC reports that Platinum demand for jewellery offtake is down 15%

The World Platinum Investment Council (WPIC) Q1 2026 report has announced that platinum demand for fabrication jewellery was the lowest in 10 quarters, declining by 15 per cent; while platinum demand for vehicle production in India increased by 1 per cent in the first quarter of 2026 compared with the same period a year ago.

Indian vehicle production is heavily biased toward pickups and SUVs, which naturally require higher platinum group metal (PGM) loadings to meet emissions standards. The projections for the whole of 2026 are 2 per cent increase, buoyed by the revised Goods and Services Tax (GST 2.0) framework. This policy reduced taxes on eligible light-duty vehicles from 28 per cent to 18 per cent, stimulating production of pure internal combustion engine (ICE) and hybrid vehicles, it said.

However, the report has not taken into account the hike in the import duty to 15.4 per cent last week. The doubling of the duty is expected to raise the cost of emission-control systems used in cleaner internal combustion vehicles. The biggest impact will likely be on diesel SUVs and strong hybrid cars that use higher quantities of the metal in their catalytic converters.  The report still projects India as a bright spot for platinum demand, which is expected to be resilient and witness growth across the automotive and jewellery sectors.