Majors

US Gold Jewelry Demand Up 3% in Q1

MajorsMay 08, 2017

US Gold Jewelry Demand Up 3% in Q1

A post-election lift in consumer sentiment buoyed demand in the market while global demand was basically flat.

U.S. gold jewelry demand just recorded its strongest first quarter since 2010, the World Gold Council said. Pictured here are Sandy Leong’s Thin Canyon bangles in 18-karat recycled yellow, white and “champagne” gold ($20,500 as shown).

London--Despite a tepid performance globally, gold jewelry demand in the United States continued to grow in the first quarter, leading to the strongest Q1 since 2010, according to the World Gold Council.

In its latest Gold Demand Trends Report, the WGC said a post-election lift in U.S. consumer sentiment buoyed demand, which increased 3 percent to 22.9 tons during the period.

It also reported that yellow gold was more popular in the U.S. than in European markets, and that high-end and online retailers performed strongly.

The online segment also, unsurprisingly, continues to gain strength in the country, particularly with continued growth in “clicks-and-bricks” retailing and omnichannel shopping, the council said.

Globally, gold jewelry demand was basically flat in Q1, increasing just 1 percent to 480.9 tons.

The metal’s rising price contributed to softness in demand during the quarter; its 9 percent increase in the U.S. between end-December and end-March played a major part in that, though consumers in many markets were slightly protected by the weakness of the U.S. dollar.

The price of gold in the first quarter averaged $1,219.50 per ounce.


The rising price in gold had a negative impact on jewelry demand in the first quarter, as this chart from the World Gold Council shows.
India, Iran and the U.S. all recorded increases in demand for gold jewelry, the WGC said, which just outweighed the modest declines elsewhere.

Indian jewelry demand jumped 16 percent from last year’s “exceptionally low level” as market conditions improved after a tough year and the “gradual remonetization of the economy” is supporting the market.

In China, meanwhile, demand for gold jewelry softened slightly with a 2 percent decline year-over-year as a seasonal uplift offset the impact of higher prices. Even as the market is affected by a slowing economic environment and changing consumer tastes, retailers and manufacturers in the country are attempting to introduce trends that appeal to younger consumers and innovate.

Europe’s performance was negatively affected by a weakness in France, impacted by pre-election uncertainty and the rise in terrorist activity impacting tourism, and the U.K.

Total global gold demand--counting jewelry as well as investment and other uses--in the first quarter was down 18 percent year-on-year to 1,034.5 tons.

The first quarter 2017 numbers suffered from a comparison with Q1 2016, WGC said, as it was the strongest first quarter ever at 1,261.8 tons.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Supplier BulletinJun 30, 2022
Here’s Where You’ll Find The Best Online Jewelry Auctions

Sponsored by HiBid

CrimeJun 30, 2022
What JSA’s Annual Report Tells Us About Jewelry Crime in 2021

Plus, JSA President John Kennedy talks about the trajectory of industry crime over the last 20 years.

CrimeJun 30, 2022
Smash-and-Grab Robbers Hit Booth at TEFAF: Watch the Video

The fair was evacuated temporarily Tuesday after four suspects smashed a showcase and stole jewelry from British jeweler Symbolic & Chase.

Brought to you by
Preparing for Proposal Season with High-Quality, A.I.-Graded Natural Diamonds

Rare & Forever is helping to create an enjoyable diamond buying experience for the millions of newly-engaged couples.

Events & AwardsJun 30, 2022
Nominations Are Open for Gem Awards 2023

The 21st annual awards show and gala will take place in New York City next March.

Weekly QuizJun 23, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
Events & AwardsJun 30, 2022
Registration Open for JIS Fall in Miami

The jewelry trade show is scheduled for Sept. 30-Oct. 3 at the Miami Beach Convention Center.

AuctionsJun 29, 2022
Bonhams Expands Again with Purchase of Paris Auction House

It is the fifth acquisition under the ownership of private equity firm Epiris, which bought Bonhams in 2018.

Brought to you by
Discover The Extraordinary Italian Jewelry In Las Vegas!

Experience all the Italian Jewelry market has to offer in Las Vegas.

WatchesJun 29, 2022
Bulova Introduces New Frank Sinatra Watches

The brand again partnered with the Frank Sinatra School of the Arts High School to celebrate the launch of the “Summer Wind” watches.

SurveysJun 29, 2022
U.S. Platinum Jewelry Demand Starts 2022 on a Strong Note

Retail ounce sales were up 23 percent year-over-year in Q1, according to the recent Platinum Jewellery Business Review.

Events & AwardsJun 29, 2022
Registration Is Now Open for the HardRock Summit 2022

Scheduled for Sept. 8-11, the event will comprise more than 310,000 square feet of show floor, exhibits, and education space.

ColumnistsJun 28, 2022
The PR Adviser: Why Should Someone Buy From You?

If you’re having trouble answering this question, columnist Lilian Raji can help you get a started with a few fill-in-the-blank statements.

IndependentsJun 28, 2022
This Jeweler Is Celebrating 40 Years With 40 Days of Giveaways

Continental Diamond in Minneapolis is awarding a total of $25,000 in prizes via daily sweepstakes.

CollectionsJun 28, 2022
Melissa Kaye’s New Collection Doubles the Color

“Lenox” marks the designer’s foray into bespoke jewels and large colored gemstones.

Events & AwardsJun 28, 2022
Second AGS Virtual Education Conference Is All About Negotiation Skills

“Confluence” is happening in August.

MajorsJun 27, 2022
Mayors, Analog:Shift Team Up With Goop

The lifestyle platform will stock fine jewelry and watches from the retailers on its website and in store.

CrimeJun 27, 2022
JSA Warns of ‘Pandemic’ of Distraction Thefts Nationwide

It cited two recent cases in California, plus incidents in Florida, Kansas, and Illinois.

IndependentsJun 27, 2022
Lewis Jewelers Set to Open New Ann Arbor Store This Summer

The 10,000-square-foot location allows for expanded collections from design partners while continuing custom design and other services.

CollectionsJun 27, 2022
This Designer Has Found a New Way to Bring Gemstones to Life

Svetlana Lazar’s “Wishing Well” collection utilizes an innovative component to mimic the movement of water beneath them.

Supplier BulletinJun 24, 2022
AGTA GemFair™ Denver is the Place to Be in September!

Sponsored by AGTA

Recorded WebinarsJun 24, 2022
Vegas Jewelry Recap: The Editors Weigh In

Watch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.

MajorsJun 24, 2022
Banter by Piercing Pagoda Celebrates Pride with ‘SayGay’ Necklace

All proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.

CollectionsJun 24, 2022
Piece of the Week: Marie Lichtenberg’s Hidden Message Locket

It’s a reminder that life is best lived with discretion.

TechnologyJun 24, 2022
Cloud-Based POS Software Jewel360 Launches for Jewelry Retailers

The end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.

EditorsJun 23, 2022
Antique Show Observations From a First-Time Attendee

Associate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.

GradingJun 23, 2022
AIGS Launches Grading Report for ‘Santa Maria’ Aquamarine

The Asian Institute of Gemological Sciences aims to set a color standard for the trade name.

SourcingJun 23, 2022
Rough Diamond Sales Rise Again for De Beers

Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy