Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
MajorsAug 04, 2017
US Gold Jewelry Demand Up 4% in Q2
Global demand also was up on the back of a 41 percent increase in India.
Demand for gold jewelry in the U.S. was up 4 percent in the second quarter. Pictured here is Gurhan’s “Pointelle” cuff with scattered diamonds set in 22-karat yellow gold ($14,500).
London--Gold jewelry demand was on the rise in the second quarter of 2017, posting increases in both the U.S. market and worldwide.
In its latest Gold Demand Trends Report, the World Gold Council said Q2 demand in the United States rose 4 percent to 26.9 tons in the second quarter, falling just under the five-year quarterly average of 28.9 tons.
Demand in the first half of the year also rose 4 percent to reach 49.9 tons, due to improving consumer sentiment, the WGC said. This marks the highest first-half total since 2009.
The average gold price was $1,256.60 per ounce in the second quarter, about flat when compared with the same period last year.
Global demand for gold jewelry was up as well in Q2, rising 8 percent year-over-year to 480.8 tons, though this is compared to a very weak Q2 2016, the WGC said. It also remained well below the five-year quarterly average of 586.2 tons.
India drove global Q2 jewelry demand growth almost singlehandedly, the WGC said, with demand there rising from 89.8 tons last year to 126.7 tons this year.
This strong recovery was expected after exceptional import figures were reported and hit an all-time high in May as the market stockpiled gold ahead of the June Goods and Services Tax rate announcement.
Second quarter demand in Europe was weak, falling 4 percent.
Demand was particularly weak in the U.K., where uncertainty over Brexit deterred consumers from spending money. Q2 jewelry demand there was down 3 percent, hitting a three-year low of 3.8 tons.
Italian demand stablished at 4 tons, and the market is expected to manage some growth in the second half of 2017.
In China, jewelry demand weakened again but the pace of the decrease slowed. Demand decreased 5 percent year-over-year to 137.7 tons, the lowest second quarter for the country in five years. In the market, younger consumers are pulling away from the 24-karat gold tradition and pieces with lower gold content are being produced to fill that void.
In the Middle East, regional jewelry demand was flat but, on a country-by-country basis, there were marked differences, the WGC said.
In Egypt, demand was down 20 percent to hit a new low at 4.7 tons, while demand in Iran was up 15 percent to 10.2 tons. A dip in the local price of the metal in Turkey, meanwhile, triggered a
Editors' Picks
Sponsored by
20 percent year-over-year increase in demand.
More on Majors
The Latest
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
