Third consecutive annual deficit reconfirmed, expected at 850 koz in 2025 – London, 10 September 2025
Forecast full year 2025 total supply is the lowest in five years, declining by 3% to 7,027 koz. Total demand will decline by 4%, nevertheless outstripping supply by 850 koz; Platinum jewellery demand to rise 11% to 2,226 koz this year, its highest level since 2018, as China growth accelerates; Continued growth in investment demand, up 2% in 2025 to 718 koz, with strong bar and coin demand performance in China; Modest decline in automotive demand forecast given tariff-related market uncertainty; forecast to contract 3% to 3,033 koz for full year 2025; Industrial demand to fall to 1,901 koz this year as substantive, cyclical glass capacity expansions reduce