|Market Size in 2023
|Market Forecast in 2032
|CAGR (in %)
|USD 3,129.87 million
|USD 4,977.49 million
Platinum Jewelry Market
The global platinum jewelry market size was worth around USD 3,129.87 million in 2023 and is predicted to grow to around USD 4,977.49 million by 2032 with a compound annual growth rate (CAGR) of roughly 5.97% between 2024 and 2032.
The industry for platinum jewelry refers to the financial transactions around the buying and selling of jewelry or adornments made of platinum. The expensive precious metal that exhibits silver-white color is highly coveted for its applications in the growing jewelry market. Platinum is considered one of the most famous and important metals along with silver and gold in the global jewelry industry. The marketing strategy of companies developing and selling platinum jewelry deals with advertising the adornments as a symbol of eternal love mainly due to the rarity and longevity of the metal.
One of the most significant characteristics of platinum driving the industry demand for platinum jewelry is the shine and luster naturally exhibited by the metal. Furthermore, it is considered as the densest substance on Earth. For instance, a jewelry piece made of 18-karat white gold will be 30% lighter than the same jewelry made using platinum. These factors along with other characteristics tend to result in a higher cost of the metal. Platinum jewelry is more expensive than its gold and silver counterparts.
Platinum being considered as a form of investment may drive market demand
The global platinum jewelry market is projected to grow owing to the increasing consideration of the precious metal as a form of financial investment. As compared to other metals such as silver and gold, platinum offers the highest return on investment when managed correctly. Platinum supply is in limited quantities, unlike gold. Furthermore, the platinum extraction process is more tedious which increases the overall monetary value of the platinum-based ornament.
As more people seek novel ways of financial investments, the demand for platinum jewelry is projected to grow. As per market research, platinum prices are expected to reach over USD 1200 per ounce. With an investment following a 5-year plan, platinum buyers can expect a return of over 13.9%.
Growing demand for diamond rings will have a direct impact on platinum jewelry item
Diamonds are a popular choice of wedding ornaments in several global cultures. For instance, diamond weddings and engagement rings are highly popular in the Western regions. Diamond jewelry is typically made with a platinum base. As the demand for diamond jewelry is projected to grow, the consumption rate of platinum jewelry will also be positively affected during the forecast period. Diamond rings with platinum bands are the most commonly preferred jewelry choices for people of all genders.
Rising purchasing power across countries may propel the market growth rate
Globalization and industrialization have significantly impacted the living standards of people across the globe. Access to modern technology has improved overall consumer awareness leading to higher demand for precious metals including platinum jewelry. The rise in per capita income along with the increasing introduction of novel earning methods could create higher growth momentum in the global platinum jewelry market.
High cost of jewelry made of platinum will restrict the market growth rate
The global industry for platinum jewelry is projected to be restricted due to the high cost of the rare metal. Platinum is more expensive than gold and silver. Moreover, the jewelry-making charges lead to additional costs. Furthermore, the exchange rate of platinum jewelry is less than pure platinum since the jewelry marking charges are incurred by the buyer.
The intense competition and market fragmentation caused by the growing demand for gold jewelry further restrict market expansion. Platinum jewelry currently mostly caters to the requirements of high-income groups thus catering to a limited consumer group.
Growing sales of platinum jewelry through an online sales model will create higher growth opportunities
The global platinum jewelry market will be provided with higher growth opportunities as market players integrate online sales models to improve consumer reach. Additionally, during COVID-19, several online sellers of platinum jewelry emerged in the market and are now steadily investing in new brick-and-mortar centers. For instance, in July 2019, Max Jewelry Inc. announced the launch of their new online website inspired by pink magnolias. The company adds new platinum jewelry every week for customers to view and buy.
Additionally, platinum jewelry makers are extensively leveraging the benefits of social media platforms to promote product sales. They are offering customized solutions meeting budget constraints. Furthermore, the increasing options in jewelry design format and the use of platinum with other metals may deliver higher growth revenue.
Rising investments in branding and marketing have helped market players create demand in emerging countries
One of the primary ways in which platinum jewelry makers can connect to customers is the marketing and advertising strategies. Platinum jewelry makers are increasingly investing in developing personalized advertisements that cater to the cultural norms and beliefs of regional consumers.
For instance, in March 2023, Platinum EVARA by PGI India announced the launch of its new collection for female buyers on International Women’s Day thus showcasing an excellent marketing strategy. Similar measures are observed among other brands catering to the consumer group.
Changing economic conditions and rising shortage of platinum may challenge market expansion
The global platinum jewelry market will be challenged by the growing economic uncertainty across the globe. The rising cost of living along with growing expenses associated with basic commodities have led to an increasing number of people struggling to make ends meet.
In addition to this, platinum is a rare precious metal with limited availability. The growing shortage of raw platinum internationally will impact the platinum jewelry production rate.
The global platinum jewelry market is segmented based on distribution channel, end-user, product type, and region.
Based on distribution channel, the global market segments are online retailers, specialty stores, and others. In 2022, the highest growth was observed in the specialty stores segment. Platinum jewelry is expensive. It is delicately crafted to meet consumers' expectations. This is the primary reason for customers to buy premium jewelry such as ornaments made of platinum through certified stores. Additionally, in-store shopping is considered a part of the overall experience. However, the online retailers segment is a key market contributor since customers tend to first browse the collection online before the final purchase. The average annual revenue of popular jeweler Tiffany & Co. makes a revenue of over USD 4 billion per year.
Based on end-user, the global platinum jewelry industry is divided into men and women.
Based on product type, the global market is segmented into bracelets, rings, earrings, necklaces, and others. In 2022, the highest demand was observed in the rings segment. The growth rate is a result of higher demand for rings made of precious metals. The increasing sale of wedding rings and bands made of platinum among the male and female population is a crucial driving factor. A recent report suggested that over 74.9% of women would prefer platinum jewelry.
|Platinum Jewelry Market
|Market Size in 2023
|USD 3,129.87 Million
|Market Forecast in 2032
|USD 4,977.49 Million
|CAGR of 5.97%
|Number of Pages
|Key Companies Covered
|Harry Winston, Tiffany & Co., Cartier, Boucheron, Bvlgari, David Yurman, Chopard, Piaget, Roberto Coin, Van Cleef & Arpels, Chaumet, Graff, John Hardy, Mikimoto, and others.
|By Distribution Channel, By End-User, By Product Type, and By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
|2018 to 2022
|2024 - 2032
|Avail customized purchase options to meet your exact research needs. Request For Customization
Asia-Pacific is considered as the strongest regional market
The global platinum jewelry will witness the highest growth in Asia-Pacific. Regional countries such as India, China, and Japan were considered as the strongest markets for platinum products with Japan registering one of the highest revenues in terms of platinum jewelry sales. The women segment is the dominating unit even with the price increase of platinum in the last year. As per official research reports, around 8.9 million Japanese potential buyers are considered to have the means to buy platinum jewelry.
On the other hand, China is one of the largest consumers of luxury jewelry; however, the growing demand for 24-karat gold jewelry could act as a potential growth barrier in the Chinese market. India is registering a sharp rise in demand for platinum jewelry with the growing middle to high-income groups. In 2022, India’s growth rate in terms of platinum jewelry was over 19%.
North America is projected to continue registering high demand for platinum jewelry. The growth rate will be the dominant of diamond jewelry which is, in most cases, sold with a platinum base. In 2022, the US witnessed a platinum jewelry growth rate that was around 9.01%.
The global platinum jewelry market is led by players like:
By Distribution Channel
By Product Type
The industry for platinum jewelry refers to the financial transactions around the buying and selling of jewelry or adornments made of platinum.
The global platinum jewelry market is projected to grow owing to the increasing consideration of the precious metal as a form of financial investment.
According to study, the global platinum jewelry market size was worth around USD 3,129.87 million in 2023 and is predicted to grow to around USD 4,977.49 million by 2032.
The CAGR value of platinum jewelry market is expected to be around 5.97% during 2024-2032.
The global platinum jewelry will witness the highest growth in Asia-Pacific.
The global platinum jewelry market is led by players like Harry Winston, Tiffany & Co., Cartier, Boucheron, Bvlgari, David Yurman, Chopard, Piaget, Roberto Coin, Van Cleef & Arpels, Chaumet, Graff, John Hardy, and Mikimoto, and among others.
The report explores crucial aspects of the platinum jewelry market including detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.