Events & AwardsOct 24, 2022
See the Top Collections in the ‘Fairmined 100 Challenge’ MajorsNov 09, 2022
U.S. Gold Jewelry Demand Down 6% in Q3
But it was still higher than the five-year average prior to the COVID pandemic, the World Gold Council said in a recent report.
Though gold jewelry demand was down in the U.S. in Q3, it was still up compared to the Q3 average over the five years prior to the pandemic, the World Gold Council said. Pictured here is Sydney Evan’s 14-karat gold and diamond Small Fluted Tennis Bracelet ($7,740) from the designer’s new “Fluted” collection.
London—Gold jewelry purchases in the U.S. were down in Q3, according to the World Gold Council’s latest Gold Demand Trends report.
Demand continued to retreat from last year’s “very healthy COVID-rebound levels,” WGC said—at 30 tons, it was 6 percent lower year-over-year and 20 percent down from the previous quarter.
Spending on things like travel and entertainment has gone back to normal, and as such spending on luxury goods like gold jewelry has declined.
Still, the council noted that Q3 demand “compares relatively well” on a longer-term basis—the average Q3 demand for the five years prior to the pandemic was 27 tons.
Looking ahead, an increasingly challenging economic environment indicates Q4 demand won’t match last year’s very strong final quarter in the U.S., WGC predicted.
Gold jewelry demand on a global scale, meanwhile, recovered to pre-COVID levels, with Q3 demand benefitting from a decrease in gold price.
According to the London Bullion Market Association (LBMA), the per-ounce gold price was down 8 percent during the third quarter in response to the strength of the U.S. dollar as the Federal Reserve hiked interest rates to combat inflation.
On its website, LBMA noted gold started Q3 at $1,795.65 but by Sept. 30 had fallen nearly 7 percent to $1,671.75, falling to a low of $1,618.20 along the way on Sept. 28, a level it hadn’t been at since the COVID shutdowns in early 2020.
Global gold jewelry consumption of 523 tons during Q3 was a 10 percent increase year-over-year and a 14 percent increase compared with the prior quarter.
Related stories will be right here …
Demand continued to retreat from last year’s “very healthy COVID-rebound levels,” WGC said—at 30 tons, it was 6 percent lower year-over-year and 20 percent down from the previous quarter.
Spending on things like travel and entertainment has gone back to normal, and as such spending on luxury goods like gold jewelry has declined.
Still, the council noted that Q3 demand “compares relatively well” on a longer-term basis—the average Q3 demand for the five years prior to the pandemic was 27 tons.
Looking ahead, an increasingly challenging economic environment indicates Q4 demand won’t match last year’s very strong final quarter in the U.S., WGC predicted.
Gold jewelry demand on a global scale, meanwhile, recovered to pre-COVID levels, with Q3 demand benefitting from a decrease in gold price.
According to the London Bullion Market Association (LBMA), the per-ounce gold price was down 8 percent during the third quarter in response to the strength of the U.S. dollar as the Federal Reserve hiked interest rates to combat inflation.
On its website, LBMA noted gold started Q3 at $1,795.65 but by Sept. 30 had fallen nearly 7 percent to $1,671.75, falling to a low of $1,618.20 along the way on Sept. 28, a level it hadn’t been at since the COVID shutdowns in early 2020.
Global gold jewelry consumption of 523 tons during Q3 was a 10 percent increase year-over-year and a 14 percent increase compared with the prior quarter.
Demand was also healthy when looking at a long-term comparison, with WGC noting global gold jewelry demand in Q3 exceeded its five-year quarterly average of 501 tons.
Year-to-date demand on a global basis reached 1,454 tons, rising 2 percent over the same period in 2021, which the World Gold Council said in its report signals a “continued normalization of the market” to pre-COVID levels of activity, aided again by the lower gold price in many markets during the quarter.
India led the recovery, with a 17 percent year-over-year growth in demand to 146 tons—its strongest Q3 since 2018, WGC said.
Growth in China was more muted by comparison, increasing 5 percent year-over-year as its sporadic restrictions and lockdowns during the pandemic hampered consumer sentiment.
European gold jewelry demand increased 4 percent year-over-year to reach its highest Q3 total since 2010, with demand supported by low unemployment and continued recovery of tourism, while double-digit gains in demand were “widespread” across the Middle East in Q3.
Consumption was also up across Southeast Asia, in Japan, and in Australia, the last of which increased 71 percent year-over-year to 2 tons, though WGC noted that was being compared with a low base in Q3 2021, when there were still fairly severe COVID-19 restrictions in place.
Meanwhile, the total global Q3 gold supply increased by 1 percent year-over-year as lower recycling offset production growth.
Mine production during the quarter was up to almost 950 tons, just 1 percent below the strongest third quarter seen in 2018.
More on Majors
The Latest
SourcingMay 06, 2026
Canada’s Oldest Diamond Mine Faces Uncertain FutureThe owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
