Platinum continues to gain traction as a substitute for the more expensive gold as well as a preferred bridal jewellery metal, said the Platinum Guild International (PGI). 

According to PGI CEO Tim Schlick, high gold prices are creating opportunities for platinum jewellery even as recent price rallies present notable challenges for the platinum sector.

Platinum spot price reached US$2,038 per ounce as of March 19, 2026, compared to US$4,854/oz for gold. Reports also indicated that platinum prices hit a 17-year high in 2025.

“PGI expects the continued favourability of the platinum-to-gold price ratio to further drive substitution, particularly within the bridal and luxury segments,” noted PGI.

Despite the sharp price rally, platinum jewellery has outperformed gold in multiple markets, especially in the luxury and bridal categories, demonstrating a shift toward higher-value consumer segments.

PGI said the increase in platinum prices significantly impacted Chinese retailers, with some scaling back promotions in the fourth quarter of 2025. 

Despite this, a group of PGI retail partners launched several initiatives, including new platinum jewellery collections and a collaboration with e-commerce platform JD.com, which drove platinum sales.

Meanwhile, US consumers are choosing to spend on precious metals more than diamonds – due in part to growing market share of lab-grown stones – benefitting platinum. 

While the platinum-to-gold price ratio remains favourable, substitution continues to gain traction, explained PGI. 

The high jewellery and bridal markets in Europe also remain resilient despite volatility-led headwinds in the mid-market. Luxury brands are increasingly exploring platinum for high-quality gemstone settings, added PGI.

In India, platinum’s competitive pricing relative to gold, combined with expanded retail networks and cooperative marketing programmes such as Men of Platinum, Platinum Days of Love and Platinum Evara, is bolstering market confidence. These initiatives are fuelling demand among targeted consumer segments and for key occasions, creating new market opportunities. Japanese retailers, meanwhile, reported an increase in platinum jewellery fabrication and assortment, driven by sustained high gold prices and growing consumer interest in the metal.

“In response to rising metal costs, the industry is seeing a wave of product innovation. Leading manufacturers are increasingly turning to advanced technologies – including new alloy development, 3D printing, additive manufacturing and electroforming,” added PGI.