Platinum, which has been in a state of stagnation for several years, has seen a significant price increase this year, drawing widespread attention. A reporter from the China Securities Journal visited major jewelry stores and learned that, currently, the price of platinum jewelry has risen by about 40% compared to the beginning of the year. Among brand jewelers represented by Chow Tai Seng, the quoted price for platinum jewelry has exceeded the 500-yuan-per-gram mark. In addition to platinum jewelry, platinum gold bars are also gaining some popularity. Many counters display platinum gold bars in specifications of 10g, 20g, and 100g, with prices ranging from 310 to 330 yuan per gram.

The World Platinum Investment Council believes that the current platinum price remains significantly lower than that of gold, placing it at historically undervalued levels. From a long-term allocation perspective, platinum continues to be a strategic resource worth paying attention to. However, industry insiders generally agree that, compared to gold, platinum is scarcer and more niche. In terms of purity verification, liquidity, and performance in the recycling market, platinum still has considerable shortcomings relative to gold. Therefore, when investing in platinum, consumers need to exercise greater caution.

The platinum market is recovering.

“Today, the quoted price for 950 platinum is 512 yuan per gram—about 200 yuan higher per gram compared to two months ago. In recent years, platinum prices have remained at a low point. For a long time, although our price boards displayed daily quotes for platinum products, our store didn’t actually carry any platinum items. On the one hand, when prices are low, there’s virtually no profit margin; on the other hand, the lower the price, the less attention many customers pay to it. As a result, stockpiling these products isn’t good for cash flow. If a customer really wants to buy platinum products, we usually suggest they browse the products online first and then help them make an appointment,” a salesperson from Chow Sang Sang in Daxing District, Beijing, told our reporter.

The reporter learned from many luxury jewelry stores that platinum prices have remained stagnant for several years, and platinum-based products have gradually faded from consumers’ radar. “Many years ago, platinum prices once exceeded 700 yuan per gram—considerably more expensive than gold. At the beginning of 2025, the quoted price for platinum jewelry had dropped to around 270 yuan per gram, and the price remained roughly at that level in March and April. Recently, however, prices have risen by about 40%, and we’ve seen a significant increase in the number of customers coming to buy platinum,” the reporter observed at a platinum sales outlet in Beijing’s Tianya Jewelry City.

In addition to platinum jewelry, platinum bars are also gaining some popularity. Many counters display platinum bars in specifications of 10g, 20g, and 100g, with prices ranging from 310 to 330 yuan per gram. It’s worth noting that although platinum prices have been steadily rising recently, the current recycling prices for platinum remain relatively low. Our reporter’s investigation revealed that recycling prices generally stand below 270 yuan per gram; if you buy and sell immediately after purchasing, you could lose more than half of your investment.

The World Platinum Investment Council analyzes that platinum prices are currently at historically low valuation levels, and the price increase is primarily driven by both market fundamentals and investor sentiment. The continued rise in interest among Chinese investors in physical investment products such as platinum bars and platinum coins also indicates that domestic investors remain optimistic about platinum's long-term investment value.

Trading at historically low valuation levels

According to the Shanghai Gold Exchange, platinum is rarer than gold and silver. It boasts exceptional ductility, as well as high resistance to melting, friction, and corrosion. Its melting point reaches as high as 1,773.5°C, and platinum remains chemically stable even at elevated temperatures. Due to its superior performance, platinum finds applications in a wide variety of fields. In the jewelry industry, it is primarily used for making decorative items and fine crafts. In the chemical industry, platinum is employed in the manufacture of high-grade laboratory equipment, platinum crucibles, electrodes, and catalysts that accelerate chemical reactions. Thanks to its strong antioxidant properties and high melting point, platinum is also utilized in the production of spacesuits.

According to the World Platinum Investment Council, due to a lack of long-term investment in South African mines that prevents production increases, the supply of platinum recovered from automotive catalysts faces significant challenges. As a result, 2025 will mark the third consecutive year of supply shortages in the global platinum market, with an annual supply deficit expected to reach 30 tons. Global total platinum demand in 2025 is forecast to reach 247.7 tons, showing a stable yet positive trend. Among these, the recovery in Chinese jewelry consumption is expected to drive a roughly 5% year-on-year increase in global jewelry demand. Overall demand in the automotive sector, however, is projected to decline by 2%, remaining at around 95 tons.

From the perspective of the World Platinum Investment Association, platinum plays a critical role in the global energy transition, particularly in the hydrogen economy, where its importance as a core catalytic material for electrolysis and fuel cells is becoming increasingly evident. Currently, platinum prices remain significantly lower than those of gold, sitting at historically undervalued levels. From a long-term allocation standpoint, platinum continues to be a strategic resource worth paying close attention to.

Be vigilant about investment risks.

Gold prices remain stubbornly high, making platinum’s role as a substitute in jewelry and investment increasingly prominent. However, industry insiders generally believe that, given platinum’s greater scarcity and niche appeal compared to gold, it still has significant shortcomings—particularly in terms of purity verification, liquidity, and performance in the recycling market—when contrasted with gold. Therefore, consumers need to exercise extra caution when investing in platinum.

Pan Helin, a member of the Expert Committee on Information and Communication Economics under the Ministry of Industry and Information Technology, told reporters that platinum is an important catalyst, and the petrochemical industry’s hydrogenation desulfurization process also relies on platinum. Platinum has a wide range of industrial applications; however, in recent years, due to the impact of new-energy vehicles, the overall use of platinum in internal-combustion-engine vehicles has declined accordingly, causing the growth in industrial demand for platinum to gradually slow down. In terms of investment demand, platinum primarily emerges as a substitute for gold. Yet compared to gold, platinum has a smaller supply-and-demand market scale and lower liquidity—especially when it comes to recycling. The purity of platinum is relatively difficult to determine, and the imperfections in the recycling market have also, to some extent, affected platinum’s price performance. When purchasing platinum jewelry, consumers should prioritize stores with a good reputation.

Bo Wenxi, Vice Chairman of the China Enterprise Capital Alliance, stated that as a precious-metal investment commodity, platinum’s price trend typically moves in tandem with gold. When gold prices rise, platinum prices tend to follow suit. Against the backdrop of high gold prices, platinum has become a new focal point in the precious-metal market, attracting a substantial influx of investment capital. Platinum prices are heavily influenced by market supply and demand dynamics; if future platinum supply increases or demand declines, prices could fall.