Supplier Spotlight Sponsored by GIA
U.S. Sees Highest Q1 Gold Jewelry Demand Since 2009
The market was buoyed by “supportive economic conditions,” the World Gold Council said.
London—Demand for gold jewelry in the U.S. was up 2 percent to 23.3 tons in the first quarter, marking the highest Q1 since 2009, according to the World Gold Council’s Gold Demand Trends report.
The market was buoyed by “supportive economic conditions,” it said, building on the upward trend that started in 2013 and reflecting the positive effect income growth has on demand.
The council also noted the strength of online sales, a trend that’s expected to continue.
The average per-ounce price during the quarter rose 9 percent from the year-earlier period to $1,329.3.
Meanwhile, global gold jewelry demand was basically flat at 487.7 tons, with the U.S.’s growth as well as China’s compensating for weaker demand in India, WGC said.
It added that relatively stable gold prices across the board and a “broadly supportive economic environment” sustained demand levels, even though the market still remains weak compared with historical averages--the five-year quarterly average is 592.1 tons and the 10-year quarterly average is 556.3 tons.
Jewelry demand in China was up 7 percent to 187.8 tons, representing a three-year high for the region.
Demand was buoyed by jewelry themed around the Year of the Dog, appealing to consumers buying for the Lunar New Year holiday. The start of the holiday also aligned with Valentine’s Day, further boosting consumer demand.
European gold jewelry demand was up slightly, increasing 1 percent to 12.9 tons.
Demand in the U.K., challenged by Brexit concerns in the past, stabilized, while consumers in other countries appeared to feel better about improving economic conditions.
The exception in the region was Italy; demand was down 2 percent to 2.7 tons as the market remains unsettled by political turmoil from the March election.
Turkey recorded the strongest growth of all markets in the first quarter, WGC said, with gold jewelry demand increasing 19 percent to 9.9 tons, but many Middle Eastern markets saw double-digit declines after being hit with tax changes, economic pressures and geopolitical concerns.
In India, the strongest fourth quarter on record for gold jewelry demand was followed by a sharp downturn, with a 12 percent decline year-over-year to 87.7 tons due to rising local gold prices that were exaggerated by a depreciating rupee.
There also were fewer auspicious wedding days during the quarter: only seven, compared with 22 in the year-earlier period, presenting a major obstacle in a jewelry market that
Globally, gold demand was 973.5 tons in the first quarter, a 7 percent decrease and the lowest it’s been since 2008. The WGC attributed this to a fall in investment demand for gold bars and gold-backed exchange-traded funds.
The total gold supply increased by 3 percent to 1,063.5 tons in Q1, while the recycled gold sector was steady.
The Latest
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.