Demand for platinum jewelry in China is showing signs of recovery after years of decline, contributing to a larger-than-expected global supply deficit in 2025, according to the World Platinum Investment Council (WPIC).
In the first quarter of the year, platinum jewelry fabrication in China rose by 26% compared to the same period last year. This increase is largely due to platinum’s lower price relative to gold. While gold prices have jumped 21% so far in 2025, following a 27% rise in 2024, platinum has gained 9% this year after two years of losses.
“With gold prices continuing to climb and gold jewelry sales falling short, many wholesalers and regional retailers sold off unsold gold stock and turned to restocking platinum,” the WPIC said in its quarterly report. The organization relies on data from consultancy firm Metals Focus.
The WPIC expects platinum jewelry demand in China to rise by 15% this year, reaching 474,000 troy ounces. Although this marks a strong recovery, it is still well below the 2 million ounces recorded in 2014 before demand began to fall due to weak consumer confidence caused by lower platinum prices.
Globally, platinum jewelry demand is forecast to grow by 5% in 2025, reaching 2.1 million ounces.
However, this rise in jewelry demand will not fully offset declines in other sectors. The auto industry is expected to reduce its platinum use by 2%, and demand from other industrial sectors—such as chemical and glass manufacturing—is projected to fall by 15%.
As a result, total global platinum demand is expected to drop by 4% this year, down to 8.0 million ounces.
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