India’s platinum jewellery market grew 4% to 280,000 ounces in 2025, demonstrating resilience despite elevated gold prices, US tariff-related disruptions and geopolitical uncertainties, according to the latest Platinum Jewellery Business Review released by Platinum Guild International (PGI).
Although growth moderated from the double-digit expansion seen in recent years, PGI noted that platinum jewellery significantly outperformed gold jewellery, whose demand in India declined 24% during the year.
Domestic demand offsets export challenges
PGI said exports were impacted by US tariff measures, affecting an estimated 15-20% of India’s platinum jewellery manufacturing sector. However, robust domestic demand helped cushion the impact, with the organisation’s retail partners reporting growth of 10-15% in the local market.
The report also highlighted the increasing role of Indian manufacturers and retailers in driving platinum jewellery consumption in the Middle East, particularly in the UAE, creating additional growth opportunities for the sector.
Global demand reaches post-pandemic high
“2025 was a turbulent year marked by global disruptions, including soaring precious metal prices and shifting US trade policies. Despite these challenges, platinum jewellery demand increased across all major markets, reaching its highest level since 2019,” said Platinum Guild International, CEO, Tim Schlick.
PGI attributed India’s performance to sustained consumer interest in platinum jewellery and the continued success of its branded jewellery programmes.
Globally, platinum jewellery demand remained strong across major markets. China recorded the sharpest increase, with fabrication rising 56% to 589,000 ounces as higher gold prices encouraged manufacturers and wholesalers to expand their platinum offerings.
Outlook remains positive
North American platinum jewellery demand grew 6%, supported by conversions from white gold and continued strength in the bridal jewellery segment. Japan, the world’s largest per-capita platinum jewellery market, recorded 2% growth as consumers increasingly shifted from white gold to platinum.
Looking ahead to 2026, PGI expects the Indian market to remain resilient despite continuing geopolitical and industry challenges. The organisation believes strong domestic demand, expanding regional opportunities and platinum’s attractive value proposition relative to gold will continue to support growth in the category.