In 2025, gold prices rose sharply, reaching historic highs amid concerns over a potential global economic slowdown and heightened macroeconomic uncertainty. This rapid appreciation has created significant cost pressures across the global jewelry industry. Major retailers such as Pandora and Signet have signaled potential retail price adjustments or the adoption of alternative production strategies, including reduced gold karat and increased use of substitute precious metals, to mitigate the impact of rising gold costs.

A Shift Toward Greater Precious Metal Diversification

        In 2025, gold prices climbed continuously to levels far beyond earlier expectations, eventually surpassing USD 4,500 per ounce in late December. At the beginning of January 2025, gold traded at approximately USD 2,600 per ounce, meaning prices increased by more than 70% within a single year. This dramatic movement had a profound impact on investment markets, industrial sectors, and the global jewelry industry alike. In the current year, as of 29 January 2026, gold prices have continued to trend upward, breaking above USD 5,600 per ounce.

        The sharp increase in gold prices has directly translated into higher jewelry production costs. Although manufacturing technologies have advanced to reduce material waste, jewelry made of 18K, 14K, or 24K gold still requires essentially the same proportion of gold content. This is particularly true for classic jewelry pieces such as rings, necklaces, and pendants, resulting in significantly higher retail prices for gold jewelry.

        As a result, many jewelry brands have begun seeking cost-reduction strategies, including:

        1. Shifting to gold-plated jewelry techniques

        2. Producing sterling silver (925) jewelry plated with genuine gold of 10K or higher (Gold Vermeil), which offers a gold-like appearance at a lower price point

        3. Reducing gold weight through lightweight design approaches, such as hollow structures or internal alloy frameworks

        4. Substituting gold with other precious metals, such as platinum, silver, and palladium

        Among these strategies, the use of alternative precious metals has gained increasing attention from brands and manufacturers. Beyond helping to diversify cost risk, these metals possess physical properties and marketing characteristics that align well with contemporary jewelry design trends. In terms of aesthetics, strength, weight, and durability, each metal offers distinctive qualities that can support a wide range of design concepts.

        Key precious metals other than gold—namely platinum, silver, and palladium—have the following distinct characteristics:

        Platinum is widely recognized as a premium jewelry metal, particularly for engagement and wedding rings. It offers exceptional strength, durability, resistance to tarnishing, and hypoallergenic properties, making it suitable for individuals with sensitive skin.

        Silver, especially sterling silver (925), has long been widely used in jewelry. It is relatively soft and easy to form, making it ideal for diverse designs and accessible price points. However, silver tarnishes more easily and is more prone to scratches than platinum or palladium. Additionally, because sterling silver contains alloyed metals, it may cause skin irritation for individuals sensitive to certain metal components.

        Palladium is lighter than platinum and has a similarly bright white appearance. It is also suitable for sensitive skin. However, due to its difficulty in resizing and forming, palladium is less commonly used in jewelry manufacturing.

        Platinum

        Platinum has long been established as a high-value precious metal. Naturally white and lustrous, it does not require surface plating to achieve its bright appearance, unlike white gold. Its color remains stable over time, and its durability ensures long-term resistance to wear. Platinum is also notably rare. Annual global gold production is estimated at approximately 3,600 metric tons, whereas platinum production is limited to around 160 metric tons per year.

        According to the World Platinum Investment Council (WPIC), global platinum production in 2025 totaled approximately 5.51 million ounces, or 156.21 metric tons. Major producing regions included South Africa (71.58%), Russia (12.19%), Zimbabwe (8.95%), North America (3.68%), and other regions (3.59%). Recycled platinum contributed an additional 1.62 million ounces to total supply. Platinum demand was distributed across several sectors, including automotive applications (42.36%), jewelry (30.25%), investment (10.41%), chemical (8.06%), and medical (4.49%).

Major Platinum Producing Regions (Source: World Platinum Investment Council)

        Platinum has been recognized as a precious metal since the 18th century, favored by European royalty and continuing its legacy in modern high-end brands. Its lustrous white hue enhances the brilliance of colored gemstones and fancy colored diamonds. For colorless diamonds, the interaction between the diamond’s sparkle and platinum’s cool tones creates a sharper, more brilliant radiance compared to yellow or rose gold. Additionally, platinum is denser than gold, making it ideal for securely setting precious stones. Consequently, it is a popular choice for engagement rings and wedding bands, symbolizing stability, luxury, and the essence of high jewelry.

        Platinum Jewelry Market Overview

        According to data from market research and business consulting firm Cognitive Market Research, the global platinum jewelry market is estimated to be valued at approximately US$8.5 billion in 2025. The market is projected to grow steadily at a compound annual growth rate (CAGR) of 5.25% during the period 2025–2033. An analysis of sales value in key markets indicates that the United States recorded the highest platinum jewelry sales, amounting to USD 1.877 billion. This was followed by China (USD 857 million), Japan (USD 526 million), and India (USD 480 million), respectively.

        Underlying the growth of the platinum jewelry sector, Platinum Guild International (PGI) plays a critical role as a global organization dedicated to promoting and developing the platinum jewelry market. PGI serves as an important market catalyst by working closely with manufacturers and retailers worldwide to strengthen the industry through coordinated marketing campaigns and consumer education initiatives.

        PGI’s efforts are particularly focused on major markets such as China, Japan, the United States, and India, where dedicated business development specialists are based in each of these four key countries. Currently, PGI collaborates with more than 100 manufacturing partners and supports over 10,000 retail points of sale globally.

        United States

        In the United States, newly introduced import tariffs have led to higher retail prices, influencing consumer purchasing behavior. Consumers have increasingly opted to buy fewer jewelry pieces while spending more per item. Despite a slight year-on-year decline in sales volume, PGI partners reported double-digit revenue growth. This performance was supported by leading brands that strengthened platinum brand awareness through targeted marketing campaigns aimed at converting consumers from white gold to platinum. These efforts have enhanced platinum’s perceived value and appeal in the U.S. market.

        China

        China continues to record steady growth at an annual rate of 5.52%. In 2025, the country’s platinum jewelry market expanded rapidly during the first half of the year. Demand for gem-set platinum jewelry remained particularly strong, reflecting consumer preferences that prioritize design quality and craftsmanship over price alone. Many retailers launched new collections to align with evolving consumer tastes. Furthermore, Platinum Guild International (PGI) has actively supported the market through point-of-sale (POS) media materials and sales staff training. This includes collaborative promotional campaigns with department stores during key festivals, which have successfully reignited interest and activity among Chinese consumers who have a longstanding affinity for platinum.

        Japan

        Japan has long been a stable and mature market for platinum jewelry. In 2025, the market demonstrated resilience and continuity. Despite rising prices, sales volumes remained largely unchanged, underscoring sustained consumer confidence in platinum as a long-term jewelry material. Growth in overall sales value was primarily driven by higher average prices, particularly within the mid-priced segment. Kihei jewelry—distinctive Japanese chain designs characterized by twisted links flattened at approximately a 90-degree angle to enhance light reflection—continued to enjoy widespread popularity among both men and women. This trend reflects the unique characteristics of the Japanese market, which emphasizes quality, simplicity, and durability over short-lived fashion trends.

Platinum Kihei necklace (Source: https://apre-gr.com/)

        India

        India emerged as one of the strongest-performing platinum jewelry markets. Despite challenges such as a high base effect from previous years and surging gold prices, PGI’s strategic partners recorded an 8% increase in retail growth year-on-year. The Men of Platinum campaign played a key role in expanding platinum’s reach among male consumers, a segment with significant growth potential. In April 2025, the Season of Love (SOL) promotional campaign was conducted from 25 April to 31 May. More than 1,825 retail outlets across 375 cities participated nationwide. As a result, platinum jewelry sales during the campaign period increased by 21% compared with the previous SOL campaign in 2023 (no SOL campaign was held in 2024).

        Europe

        The European platinum jewelry market, valued at approximately USD 2.079 billion, experienced rising demand throughout 2025. Growth was primarily driven by a shift from gold to platinum among premium and luxury brands, which increasingly favor platinum due to its superior physical properties. This transition was further supported by platinum’s attractive pricing relative to gold, alongside growing demand from affluent consumers who value long-lasting beauty, exclusivity, and enduring craftsmanship.

        PGI Global Strategy

        During 2025–2026, PGI implemented a global branding strategy under the theme “Metal of Truth”, repositioning platinum as a symbol of sincerity, purity, and authentic value. Key PGI campaigns include:

        1. Season of Love (SOL) in India: PGI’s largest annual campaign, held for the seventh time in 2025 (April–June), aimed at stimulating sales during the wedding season. The campaign involved 1,825 retail outlets across 375 cities nationwide.

        2. Men of Platinum: A transformative campaign for men’s jewelry, redefining platinum from a symbol of conspicuous wealth to one of inner strength, refined masculinity, and understated elegance. The campaign targets Millennials and Gen Z consumers and features influential public figures such as MS Dhoni and KL Rahul.

MS Dhoni Signature Edition 'Lucky 7 Bracelet' (Source: https://www.indianjeweller.in/)

        3. Platinum Woman: A collaborative project launched in 2020 by four leading Japanese jewelry brands: 4℃, Vendome Aoyama, Ginza Tanaka, and Ponte Vecchio. It encourages modern women to believe in themselves and move forward with grace. Designs emphasize refined simplicity suitable for everyday wear, with accessible price points generally below JPY 100,000 (approximately THB 19,800). The program recently celebrated its fifth anniversary with the launch of new items, featuring acclaimed actress Fuka Koshiba as brand ambassador.

Advertisement celebrating the 5th anniversary of Platinum Woman (Source: https://platinumguild.com/)

        Silver

        Silver is a precious white metal that has been used for over 4,000 years across ancient civilizations, including Egypt, the Byzantine Empire, and Greco-Roman societies. Throughout history, silver has served as a medium of exchange in nearly every culture and continues to play an important role today. It has been widely used in weaponry, tools, jewelry, industrial applications, and investment. Compared with gold and platinum, silver is more abundant and accessible.

        According to The Silver Institute, a non-profit organization that tracks global silver supply and demand, worldwide silver production in 2025 reached approximately 25,972 metric tons, representing a 1.86% increase year-on-year. Major producers included Mexico (21%), China (12%), Peru (12%), Bolivia (5%), Chile (5%), and other regions (45%). Recycled silver accounted for approximately 6,000 metric tons. Silver consumption was distributed across multiple sectors, including electronics (40.55%), investment (17.80%), jewelry (17.09%), silverware (4.01%), and other uses (20.55%).

        Silver Jewelry Market Overview

        According to TechSci Research, the global silver jewelry market was valued at approximately USD 41 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 4.66% during the period 2024–2030. 

        United States

        The United States remains one of the largest and most influential silver jewelry markets globally. Silver jewelry is popular across both fashion and premium segments. Higher profit margins relative to other precious metals have supported revenue growth among retailers. Demand is primarily driven by younger consumers and working professionals aged 20–40, followed by those aged 41–50. Consumers favor bold, statement designs made from genuine 925 sterling silver, offering modern aesthetics at accessible price points. Once associated mainly with rappers or athletes, silver jewelry has become a mainstream fashion choice for men across diverse lifestyles.

Silver jewelry from Tiffany & Co.

        India

        India stands out as the strongest market in terms of consumption volume and growth. According to the World Silver Survey 2025, India accounted for 39.2% of global silver jewelry consumption. Demand was further supported by a reduction in silver import duties from 15% to 6% and economic expansion in Tier-2 and Tier-3 cities have sent demand soaring. Indian consumers favor high-purity silver, often purchasing jewelry as gifts for festivals and weddings. Meanwhile, the younger generation views silver as a fashion lifestyle product, preferring lightweight, everyday designs that reflect their unique identity.

        China

        Although gold jewelry remains the preferred choice among Chinese consumers, silver jewelry maintains a significant role as a fashion-driven category. Younger consumers perceive silver as more contemporary and expressive than gold, which is often viewed as traditional. According to surveys by the World Gold Council, silver jewelry ranks second after gold as a self-purchase item among Chinese consumers. Purchasing decisions are commonly driven by birthdays, and spontaneous purchases driven by design, price, or attractive promotions. The rapid expansion of e-commerce and live-streaming sales channels has further benefited affordable silver jewelry.

        Europe

        Led by Germany, the United Kingdom, France, and Italy, the European market is characterized by its focus on design, craftsmanship, and timeless aesthetics. Italy remains a global hub for jewelry design and manufacturing, while France and the UK emphasize fashion and lifestyle branding. Across the region, demand has increased for vintage- and antique-inspired designs, alongside a strong preference for recycled silver and sustainability-oriented practices.

(Source: https://luisanajewelry.com/)

        Silver jewelry possesses distinctive characteristics that have sustained its popularity in the global market. With prices that are more accessible than other precious metals such as gold or platinum, consumers are able to own jewelry with a luxurious appearance without requiring a high level of financial investment. This affordability also allows consumers to purchase multiple pieces suited to different lifestyles and occasions.

        From a fashion perspective, silver jewelry offers a high degree of adaptability and versatility. Designs range from minimalist and understated styles to intricate indigenous or ethnic motifs, as well as decorative techniques such as oxidized silver finishes and rhodium plating that enhance surface brilliance. This design flexibility enables silver to respond quickly to contemporary fashion trends and continues to drive steady market demand.

        At the same time, the second-hand jewelry market and gift purchases play an important role in supporting demand. Silver jewelry that meets recognized standards, carries quality hallmarks, and remains in good condition can be easily resold or gifted for special occasions. This encourages repeat purchases and supports ongoing circulation within the market.

        From a business perspective, silver jewelry requires relatively low capital investment in raw materials while offering strong value-added potential. Consumers also benefit from ease of maintenance, as silver jewelry can be cleaned and polished without complexity. These characteristics make silver particularly suitable for everyday wear, in contrast to gold jewelry, which is often reserved for special occasions.

        Furthermore, the wide variety of forms and designs allows silver jewelry to appeal to all consumer segments, including men, women, couples, and gift buyers. Genuine silver, such as sterling silver 925, is widely recognized as an international standard, is generally hypoallergenic, and can be fully recycled. These attributes align closely with principles of sustainability and responsible consumption, which have become increasingly important considerations for modern consumers.

        Another significant trend in the silver jewelry market is the integration of silver with other precious metals or surface plating techniques to create new design dimensions and cater to diverse consumer preferences. The use of metal combinations enhances differentiation, modern appeal, and elevates the image of silver jewelry from simplicity toward contemporary luxury. Popular approaches include pairing silver with yellow gold for a classic and refined aesthetic, combining silver with rose gold to convey elegance and romantic appeal, and incorporating black rhodium plating to achieve a bold, modern look that resonates strongly with fashion-forward consumers and younger generations.

Image of silver rings paired with yellow gold, silver paired with rose gold, and black rhodium–plated silver

        The surge in gold prices to historic highs during 2025, continuing into 2026, has become a major catalyst forcing the global jewelry industry to undergo significant structural adjustment. Reliance on gold alone is no longer a sustainable strategy for businesses facing rising cost pressures and heightened macroeconomic uncertainty. As a result, industry players have increasingly adopted alternative approaches, including reducing gold karat content, applying metal plating techniques, and substituting gold with other precious metals. Alternative metals such as platinum and silver have therefore assumed more prominent roles. Platinum addresses the premium segment through its durability, rarity, and luxurious image, while silver aligns with fashion-oriented lifestyles through its accessibility and design flexibility. Diversifying raw material sources and fostering innovation to reflect evolving consumer values have become essential mechanisms for enhancing competitiveness and strengthening long-term business resilience amid ongoing global economic volatility.

Budhiphon Vichaidist

The Gem and Jewelry Institute of Thailand (Public Organization)

May 2026

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