China’s jewellery trade faced a challenging first half of 2026 due to historically high metal prices, but the platinum jewellery market remained resilient, according to Pui P. Poon, managing director of Platinum Guild International (PGI®) China.

While overall jewellery revenues increased, the actual number of pieces sold dropped, with foot traffic in brick-and-mortar stores declining across the board. Platinum, however, has outperformed other precious metals during this challenging period.

Gold traditionally dominated first-quarter jewellery sales, driven by Chinese New Year purchases, but Valentine's Day in February and White Valentine's Day in March gave platinum room to shine.

“These two festivals tend to favour platinum because it is known as the metal of love,” Poon told JNA. “Platinum’s peak season is still Chinese Valentine’s Day – the 520 Festival – on May 20. This year, PGI® launched campaigns around 520 in partnership with other stakeholders.”

Offline, a partnership with Suning department stores across 26 locations in China more than doubled sales year on year. Online, PGI®’s collaboration with e-commerce giant JD.com involving around 30 retail brands achieved nearly 100 per cent quarter-on-quarter growth in platinum jewellery sales across all categories.

Having established ties with mass consumers, PGI® is extending its digital strategy to tap the luxury segment. PGI® said the affluent domestic client base continues to grow, while demand for high-end, collectible platinum jewellery with coloured gemstones is on the rise.

Last July, PGI® partnered with and named Jewelry Brothers (珠宝兄弟) – China’s renowned live-streaming platform for premium jewellery – “Platinum Certified Curator” for selling certified, traceable high-end platinum pieces via live stream.

Trust has long been the main barrier to online luxury jewellery transactions, Poon noted.  PGI®’s certification of platinum materials and craftsmanship standards, combined with Jewelry Brothers' expertise in gemstone selection and a fully traceable delivery process from in-house workshops, helped alleviate such concerns.

Platinum pieces priced from RMB10,000 to over RMB100,000 sold out during the session, reflecting solid demand for luxury platinum jewellery and consumers’ willingness to purchase jewellery online.

Evolving market

According to Poon, high metal prices pushed China's jewellery market to two distinct tracks: High-end jewellery sought by discerning consumers; and lighter, more affordable luxurious pieces sold mainly through e-commerce.

“Generic pieces lacking a strong design DNA or a good story behind the collection tend to perform poorly in this ever-changing consumer market,” she noted. “Today's consumers demand far more than competitive prices.”

Spending habits are also changing. Consumers spend less on material possessions and more on experiences. It is not just about the purchase itself but the buying journey.

She pointed to three priorities now shaping platinum purchases: Self-expression through design; a preference for “quiet luxury” over logo-driven status symbols; and emotional value. “Consumers want a piece that signifies something – a symbol of love, an achievement or a memory,” added Poon.

Platinum’s physical and symbolic strengths make these changes feel natural. “Platinum jewellery, owing to the metal’s density, feels more luxurious in the hand – though only the wearer really notices,” she said. “The resilience of platinum resonates perfectly with the tenacity of Chinese consumers.”

PGI®’s approach to product development now centres on narrative-led collaborations rather than aesthetics alone. For instance, PGI® initiated the Pilgrimage of Xuanzang Gobi Walkathon Challenge in late 2025, integrating platinum into cultural, and lifestyle narratives to deepen its emotional relevance. Inspired by a resilience-themed trek through the Gobi Desert, a platinum jewellery collection was launched in collaboration with Huicuilou Jewellery.

Spotlight on sports

Poon expects the year 2026 to remain challenging for jewellers because of rising metal prices alongside the difficulty of enticing shoppers to visit physical stores while delivering a seamless online-to-offline experience.

Meanwhile, sustaining social media education aimed at younger consumers remains essential to growing the platinum category.

For the second half of 2026, Poon said PGI®’s social campaigns will lean further into its three lifestyle themes – sports, art and sustainability – with sports taking centre stage, citing platinum's hypoallergenic qualities that make it well suited to active lifestyles.

“Platinum’s resilient nature ties in well with the tenacity needed in sports,” Poon explained. “There is a close connection between platinum jewellery and sports.”

PGI® is collaborating with sports influencers to promote platinum jewellery. Drawing on PGI®’s consumer research, Poon said the target audience is most influenced not by celebrity endorsements but by friends and everyday social media voices.

Moving ahead, PGI® will continue to leverage its global positioning, “the Metal of Truth,” launched last year. PGI®’s core value as a marketing organisation lies in identifying critical consumer insights to help the industry deliver relevant products – from the “Men of Platinum” collection, which addresses a gap in India's men's jewellery market; “Platinum Born” in the US and “Platinum Women” in Japan, which is aimed at younger working women; to high-end platinum jewellery catering to e-commerce demand in China.

“For more than 20 years, PGI® has dedicated itself to ensuring that we get the right products to the right consumers through the right channels in China. With our educational programmes, our collaborations with sports influencers, and sales activations with our retail partners, I strongly believe platinum jewellery will hold steady in 2026,” Poon remarked.