Page 24 - Bullion World Volume 5 Issue 06 June 2025

Bullion World | Volume 5 | Issue 06 | June 2025
Platinum Surge in China

Mr Weibin Deng, Regional Head of Asia Pacific, WPIC

The wide platinum discount to gold
is driving both platinum jewellery
and platinum investment demand
growth – a key focus as the World
Platinum Investment Council (WPIC)
looks ahead to Shanghai Platinum

Week 2025

In Shuibei, Shenzhen, the heart of China's jewellery
industry, a transformation is underway. New platinum
showrooms are being established – over ten in the first
four months of the year alone – and platinum counters
are bustling with buyers. As some wholesalers are
shifting toward platinum, influencers in the precious
metals industry are referencing platinum shortages
on platforms like Rednotes, Wechat and Douyin. April
saw platinum imports into China reach 11.5 tons, the
highest level in a year.

The latest data from WPIC shows that global demand
for platinum jewellery got off to a strong start in the
Mr Weibin Deng 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.

SWITCHING TO PLATINUM

A key driver of the recent strength in demand for
platinum jewellery is platinum’s price discount to gold.
As anecdotal evidence demonstrates, this is especially
the case in China where year-on-year growth of
The Fish-to-Dragon 1kg Platinum investment bar. 15% is expected in 2025, representing a remarkable
Picture credit: China Gold Coin Group turnaround for a market that only returned to growth
last year after almost a decade of decline.

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