Platinum’s discount to gold is driving a return to platinum jewellery demand growth

Demand for platinum jewellery got off to a strong start in the first quarter of 2025, increasing 9% year-on-year. For full year 2025 it is forecast to rise 5% to 2,114 koz, its second successive year of growth.

All regions are expected to perform well this year. Demand for platinum jewellery is forecast to rise 7% to a record high in Europe, with growth of 8% and 5% in North America and Japan, respectively. Meanwhile, India is expected to be down on the exceptionally high level of demand seen in 2024 as its exports to the US are potentially impacted by tariff uncertainty. That said, platinum jewellery demand in India this year is still expected to be elevated relative to historic levels.

A key driver of the recent strength in demand for platinum jewellery is platinum’s price discount to gold. This is especially the case in China where year-on-year growth of 15% is expected in 2025, representing a remarkable turnaround for a market that only returned to growth last year after almost a decade of decline