JOHANNESBURG (miningweekly.com) – South Africa’s platinum group metals (PGMs) and China’s green revolution have come together strongly in Shanghai at a hugely opportune time of changing global trading relationships and energy transition.

“When South Africa’s PGMs meet China’s green revolution, it’s more than a fusion of resources and technology. It’s a conversion of destinies,” World Platinum Investment Council (WPIC) CEO Trevor Raymond outlined to the Shanghai Platinum Week, which is under way in China until Friday, July 11.

In addition, South Africa’s Shanghai Consul General Phuti Tsipa highlighted the importance of the merging of the PGMs with which this country has been so abundantly endowed and China’s forceful embrace of these metals that are able to catalyse the cleanest of green electricity.

“The importance of strategic, stable, mutually beneficial, diplomatic and trade relations between South Africa and the People’s Republic of China cannot be overstated,” Tsipa emphasised at the well-attended event.

When South African miners and fund managers call Shanghai Platinum Week "an unmissable annual event for every PGM professional", it’s the ultimate endorsement, WPIC Asia Pacific regional head Weibin Deng has commented on LinkedIn.

Prominent were Minerals Council South Africa president Paul Dunne, London Platinum and Palladium Market VP Dr Jonathan Butler as well as representatives of South Africa’s PGM mining and marketing companies.

A takeaway from the event is that PGM recycling supply is expected to increase from 33 t in 2024 to 72 t in 2028 in China, where platinum’s diverse properties are increasingly supporting development in markets ranging from fibreglass to investment and jewellery, the sale of which has been rising considerably.

PLATINUM GUILD INTERNATIONAL

Platinum Guild International (PGI), the global marketing organisation dedicated to creating, expanding and strengthening consumer and trade markets for platinum jewellery, singled out China as leading the way in the shift from gold to platinum jewellery.

Sharing findings from the Platinum Jewellery Business Review update for the first quarter of 2025, PGI highlighted robust growth in platinum fabrication, retail sales, and strategic partner performance across key international markets.

“The strong recovery we’re seeing in China’s platinum jewellery market is setting the pace for a broader global resurgence,” PGI CEO Tim Schlick stated in a media release to Mining Weekly on Wednesday, July 9.

China is witnessing an unprecedented surge of platinum jewellery upstream, delivering a standout performance in the first quarter of 2025, when it outperformed the gold and diamond categories materially, particularly in March when the monthly platinum jewellery fabrication jumped by more than 100% year-on-year.

China’s first-quarter platinum fabrication surge was a 50% year-on-year elevation, driven by plain and gem-set platinum jewellery. 

This growth is said to reflect upstream inventory building and retail sell-in, as high gold prices and weak demand for diamond jewellery prompted many jewellers to pivot towards platinum.

PGI estimates that more than 40 platinum-dedicated wholesale showrooms had opened by the end of June, with several gold production lines switching to platinum.

As a response, PGI has expanded partnerships with new players and provided training and sales tools to grow confidence in platinum throughout the supply chain.

PGI also launched a China-specific marketing asset platform that offers partners advertising and social media content.

INDIA, JAPAN, UAE, US

As consumers increasingly seek jewellery at accessible price points globally, platinum is also gaining ground in India, Japan, the US and the United Arab Emirates (UAE). 

“We’re witnessing platinum jewellery reassert its relevance and appeal worldwide,” Schlick pointed out.

In India, PGI’s top 15 strategic partners achieved an average platinum sales growth of 7% year-on-year, supported by a series of in-store activations, digital campaigns such as Platinum Love Bands, and celebrity-driven marketing.

Japan’s jewellery market extended its growth streak to 16 consecutive quarters, with platinum jewellery continuing to outperform the broader market amid consumers showing particular interest in pendants, necklaces, Kihei chains and platinum pieces at accessible price points. 

In UAE, first-quarter platinum jewellery retail sales rose by 25% year-over-year and platinum now has a presence in 136 stores across the Gulf Cooperation Council, where consumer interest continues to rise.

The US's platinum jewellery unit sales increased by 19% year-on-year, while revenue jumped by nearly 24% as consumers focused on fewer but higher-value purchases. Wedding bands and fashion jewellery were standout categories, demonstrating the continued appeal of platinum in meaningful life events. Platinum conversion continues, as some retailers have started to move inventory from white gold to platinum.