Long term dataset of daily platinum prices back to 1985. The price shown is in U.S. Dollars per troy ounce.

This statistic depicts the average monthly prices for platinum worldwide from November 2014 through January 2025. In January 2025, the average monthly price for platinum worldwide stood at 949.23 nominal U.S. dollars per troy ounce.

Get the latest insights on price movement and trend analysis of Platinum in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

In 2023, after three years of growth, there was significant decline in purchases abroad of platinum, when their volume decreased by -80.7% to 5 tons.

Rhodium rose to 5,850 USD/t oz. on June 9, 2025, up 0.86% from the previous day. Over the past month, Rhodium's price has risen 8.84%, and is up 25.81% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Rhodium - values, historical data, forecasts and news - updated on June of 2025.

In 2024, the Indian platinum market increased by 40% to $272.6B, rising for the third year in a row after three years of decline. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Rhodium is a precious metal that removes pollutants from vehicle exhaust fumes. In February 2020, the price of rhodium was 11,665 U.S. dollars per troy ounce. By May 2020, the price decreased to below 8,000 U.S. dollars per ounce. In April 2021, the price rose to a new high of 28,775 U.S dollars, before decreasing throughout 2022 and early 2023. By December 2024, the average price significantly decreased, reaching around 4,575 U.S. dollars per troy ounce. In comparison, the price for an ounce of rhodium was approximately 5,905 U.S. dollars in August 2022. The rarest metal: Rhodium Rhodium is a rare and precious metal that belongs to the platinum group metals (PGMs), along with platinum, palladium, osmium, iridium, and ruthenium. Due to its scarcity, it is one of the most valuable metals in the world, often exceeding the price of gold. Rhodium is extensively used in the automotive industry to manufacture catalytic converters that reduce harmful emissions. Over the last few years, even with a steady supply, Rhodium demand has risen significantly, exceeding supply due to stricter emission regulations and advancements in the automobile industry. The significance of PGMs in South Africa South Africa is rich in various natural resources, such as metals and minerals. For example, almost all of the total global reserves of PGMs are in South Africa. In 2023, PGMs generated the highest revenue share in the South African mining sector compared to other commodities, amounting to 370 billion rands.

Titanium traded flat at 50.50 CNY/KG on June 6, 2025. Over the past month, Titanium's price has remained flat, but it is still 0.98% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. This dataset includes a chart with historical data for Titanium.

In 2023, the Indian platinum catalysts market decreased by -43.5% to $118M for the first time since 2020, thus ending a two-year rising trend. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $208M, and then declined notably in the following year.

After three years of decline, the Indian gold market increased by 162% to $X in 2021. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

The Indian market for base metals, silver or gold, clad with platinum; not further worked than semi-manufactured soared to $497K in 2024, surging by 79% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Consumption of peaked at $630K in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

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India Jewelry Market Size 2025-2029

The jewelry market size in India is forecast to increase by USD 25.6 billion at a CAGR of 5.9% between 2024 and 2029.

The jewelry market is experiencing significant growth, driven by the cultural significance of precious metals, gems, and stones, particularly In the context of bridal designs and custom-made pieces. The rise of online sales through e-commerce platforms has revolutionized the industry, making diamond jewelry and other fine pieces more accessible to consumers. Platinum, polished diamonds, and other high-end gems and jewellery continue to be popular choices for special occasions and everyday wear. 
The increasing popularity of e-commerce has led to the availability of costume jewelry and wedding services online. As gold prices remain high, consumers are seeking alternatives such as lab-grown diamonds and other precious metals. Overall, the jewelry market is expected to continue its growth trajectory, with consumers in North America and beyond showing a strong demand for both traditional and innovative designs.

What will be the Size of the market During the Forecast Period?

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The global jewelry market encompasses a wide range of merchandise, including gemstones, lab-grown diamonds, watches, accessories, and more. This market exhibits growth, driven by increasing consumer spending on luxury items and the continuous expansion of B2C enterprises. Exports play a significant role In the jewelry industry's dynamics, with many countries serving as key exporters. Virtual buyer-seller meets and export promotion initiatives facilitate international trade. Jewelry demand is influenced by various cultural and religious occasions, such as Baisakhi, Karva Chauth, Durga Puja, Gudi Pavda, Akshaya Tritiya, and Indian weddings.
Gold remains a popular choice for jewelry due to its cultural significance and value as a precious metal. The trend towards lab-grown diamonds is also exponential, offering a more sustainable and cost-effective alternative to natural diamonds. Retail sales of jewelry and related accessories, including luggage and bags, continue to rise, fueled by the growing affluence of consumers worldwide. The jewelry market is expected to maintain its upward trajectory, reflecting the enduring appeal of these items as expressions of personal style, status, and tradition.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Gold
  Diamond
  Others


Distribution Channel

  Specialist retailers
  Online


End-user

  Women
  Men


Product Type

  Necklaces and chains
  Earrings
  Others


Geography

  India

By Type Insights

The gold segment is estimated to witness significant growth during the forecast period.

The Indian jewelry market is dominated by gold, driven by increasing income levels and cultural traditions. Gold jewelry demand continues to grow, influenced by international gold prices, inflation, and financial regulations. Younger generations' preferences are shifting due to alternative materials and designs. Gold remains popular for special occasions and investment. The Indian jewelry industry includes merchants, manufacturers, and exhibitors at events like the Internal Jewellery Show and Virtual Buyer-Seller Meets. Exports of gold jewelry, loose diamonds, and gemstones contribute significantly to India's Gross Domestic Product (GDP) and merchandise exports.

The market includes fine jewelry, plain gold, gold-studded, diamond-studded, and silver jewellery. Gold coins and monetization schemes are also popular. Custom and import duties, hallmarking, and consumer spending on jewelry, accessories, watches, luggage, and bags are key factors. The industry employs numerous family jewellers, branded jewelry retailers, and manufacturers. Despite competition from imitation and luxury fashion jewellery, gold remains a trusted choice for the elite class, particularly women.

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Market Dynamics

Our India Jewelry Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Jewelry Market?

The cultural significance of jewelry is the key driver of the market.

The Indian jewelry market holds significant importance due to the cultural significance of gold, which is often seen as a symbol of prosperity and wealth. India is the world's second-largest consumer of gold, with high demand driven by