A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
US Gold Jewelry Demand Dropped 1% in 2016
A difficult second half of the year due to election-year uncertainty brought the nation's three-year streak of increasing gold jewelry demand to an end.
New York--U.S. gold jewelry demand fell 1 percent last year, according to the World Gold Council.
In its full year Gold Demand Trends Report, the WGC said that in 2016 U.S. gold jewelry demand declined by 118.3 tons after increasing for three straight years.
The year started off well, with the first half marking the highest gold jewelry demand in seven years, since the 2008 financial crisis.
However, the three-year streak of increasing demand ended in the third quarter.
While the fourth quarter picked up due to holiday spending, rebounding 69 percent from the third quarter, demand ultimately was disrupted by the November presidential election, the WGC said, as consumers limited shopping amid a national climate of uncertainty.
Western Europe followed a similar pattern, with economic and political instability contributing to France's 4 percent decline in gold jewelry demand for the year. The United Kingdom experienced an end to four years of growth in demand for gold jewelry with a 5 percent decrease in the fourth quarter and a 3 percent decrease for the year, undoubtedly influenced by post-Brexit consumer concerns.
Worldwide, gold jewelry demand was down 15 percent for the year, hitting a seven-year low at 2,041.6 tons. This was caused in part by high gold prices.
The two largest gold-jewelry consuming countries--India and China--were both severely down, accounting for 273 of the total 347-ton drop for the year.
India's demand fell 22 percent, or 148.3 tons less than in 2015, which is the largest annual drop the WGC has on record.
The gold jewelry industry there was brought to a standstill due to the jewelers' strike in the first quarter, and further hindered by the government's demonetization policy enacted in the fourth quarter.
Holiday sales during China's "Golden Week" national holiday were surprisingly weak. Young Chinese consumers spent their money on travel, rather than jewelry, leading to a 13 percent year-over-year decline in the fourth quarter, the WGC said.
Demand picked up in December with the approach of the Lunar New Year, but a tight supply chain wasn't able to fully meet consumers' needs.
On the investment side, global gold demand increased 2 percent, mainly due to the prevalence of gold-backed Exchange Traded Funds, which are popular in times of market unpredictability, such as election years.
Gold bars and coins, however, faced low demand in the first three quarters of the year, and were down 2 percent overall.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.