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February 18, 2025PGI – Platinum jewellery demand recovery encouraging
Platinum Guild International (PGI) highlights jewellery as an important demand segment for platinum, accounting for around 25% of total yearly platinum demand. The platinum jewellery market decline now appears to have stabilised, with y-o-y growth of 5% estimated for 2024 and 2% y-o-y growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98 million ounces.
A key factor in the recovery of the platinum jewellery market is the scale of growth in demand outside of China over the last decade, estimated at 1.6 million ounces in 2024 compared with one million ounces in 2014, which is now compensating for the loss of demand in China. Further, China itself is showing signs of a recovery, with a narrow return to growth forecast for this year.
According to PGI, there was a strong interest in platinum among consumers for Valentine’s Day, and platinum is also noted as a preferred precious metal for several high-quality jewellers owing to its durability and strength. In most markets, platinum jewellery is 950 parts per thousand, compared with 18 ct gold which is 750. Also, platinum’s purity provides a high-quality, durable and hypoallergenic product.
