Platinum futures surged nearly 5%, breaking above the key $1,000 per ounce level following fresh data on Chinese platinum imports. The increase was driven primarily by the jewelry sector, as craftsmen seek a more affordable and less volatile alternative to gold.
China, the world’s largest platinum consumer, recorded platinum imports of 11.5 metric tonnes in April — the highest monthly total in a year. This reflects rapid growth in platinum adoption across multiple industries.
In Shenzhen’s Shuibei market, a major jewelry hub, the number of platinum retailers has tripled in just one month. Jewelers are shifting from gold to platinum due to evolving customer preferences and favorable pricing. Beyond jewelry, platinum remains essential for catalytic converters, laboratory equipment, and electronics manufacturing.
Adding to the positive outlook, the World Platinum Investment Council’s latest report highlights a widening supply-demand imbalance. The council forecasts that 2025 will mark the third consecutive year of platinum market deficit, with a shortfall nearing one million ounces.
