EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
MajorsNov 02, 2020
Q3 Gold Jewelry Demand Slips 3% in US
But the market was relatively resilient compared with the rest of the world, where demand remains 'in the doldrums,' the WGC says.
Gold jewelry demand was down 3 percent in the U.S. in the third quarter as the effects of the pandemic are ongoing. Seen here are a pair of 18-karat yellow gold hoops from Roberto Coin.
London—The COVID-19 pandemic continues to have a negative effect, unsurprisingly, on gold jewelry demand.
According to the World Gold Council’s Gold Demand Trends report for Q3, demand lifted from its record low in the second half, but was still “in the doldrums,” hampered by the global economy and high gold prices.
According to Kitco, gold peaked at $2,067.15 per ounce in August before slowing down, averaging a per-ounce price of $1,900.27 in October. It started the year at $1,560.67 per ounce (average) in January.
Global jewelry demand was at 333 tons in the third quarter, registering its third-lowest quarterly total in WGC’s data going back to Q1 2001 and representing a 29 percent decrease over the same period last year.
Comparing in value terms is “less stark,” WGC said, noting Q3 jewelry demand was at $20.4 billion, only an 8 percent decrease year-over-year.
The lift it did have over the second quarter was due to most markets seeing at least some relaxation in the strictest lockdown measures, according to the report, with some also seeing a notable shift toward online shopping.
Meanwhile, gold jewelry demand year-to-date totaled just 904 tons, the lowest in the council’s data series “by some margin”—it’s a 30 percent decease compared with the same period in 2009, when demand was 1,292 tons.
WGC said though China and India were major contributors to the global weakness because of their significance to the market, weakness was universal, with “no bright spots of note.”
The U.S., however, proved to be “relatively resilient” compared with global markets, posting a small decline of 3 percent year-over-year in the third quarter.
In-store demand was still “anemic” in the third quarter as consumers avoided shops and malls; online sales picked up a lot of that loss, WGC added.
Meanwhile, as China returned to a more normal state post-lockdown in the third quarter, jewelry demand continued its recovery from Q1 lows but stayed very soft compared with the same period in 2019.
The region’s gold jewelry demand was 119.1 tons in Q3, representing a 31 percent rebound from Q2. And though it marked a 25 percent year-over-year decline, the gold council said it was still much smaller than the 52 percent drop in H1 demand.
RELATED CONTENT: Gold Passes $2K Per Ounce as Jewelry Demand Plummets
Year-to-date demand in China hit 271 tons, a 43 percent decrease over the first nine months of 2019.
Indian jewelry demand, meanwhile, began a modest recovery from its Q2 record low in the third quarter, though the level still was well below what it saw in 2019.
Gold jewelry demand in the region was 48 percent lower year-over-year at 52.8 tons, which WGC said was the third-lowest quarter for Indian jewelry demand in its data series.
Consumers there not only were coping with recurring lockdowns and their heavy economic impact as well as unprecedented gold prices, but also the timing of two Hindu celebrations in September being considered inauspicious for gold buying.
Demand was also weak in Turkey and across the Middle East as well as in Europe, where gold demand decreased 17 percent compared with the year-earlier period. But Europe’s Q3 results also meant a 32 percent quarterly improvement, reflecting a release in pent-up demand as lockdowns eased.
Demand for gold overall dropped to 892.3 tons in the third quarter—its lowest quarterly total since Q3 2009—as the global pandemic continued to effect consumers and investors alike.
At 2,972.1 tons, year-to-date demand is 10 percent below the same period of 2019.
Supply was also down in Q3, declining by 3 percent year-over-year to 1,224 tons.
Mine production also decreased by 3 percent to 884 tons as the industry continue to suffer from COVID-19 restrictions, though the World Gold Council noted it still marks a substantial recovery over Q2.
Year-to-date, total supply was down 5 percent over the same period in 2019 due to disruption from the pandemic.
Gold jewelry demand in the region was 48 percent lower year-over-year at 52.8 tons, which WGC said was the third-lowest quarter for Indian jewelry demand in its data series.
Consumers there not only were coping with recurring lockdowns and their heavy economic impact as well as unprecedented gold prices, but also the timing of two Hindu celebrations in September being considered inauspicious for gold buying.
Demand was also weak in Turkey and across the Middle East as well as in Europe, where gold demand decreased 17 percent compared with the year-earlier period. But Europe’s Q3 results also meant a 32 percent quarterly improvement, reflecting a release in pent-up demand as lockdowns eased.
Demand for gold overall dropped to 892.3 tons in the third quarter—its lowest quarterly total since Q3 2009—as the global pandemic continued to effect consumers and investors alike.
At 2,972.1 tons, year-to-date demand is 10 percent below the same period of 2019.
Supply was also down in Q3, declining by 3 percent year-over-year to 1,224 tons.
Mine production also decreased by 3 percent to 884 tons as the industry continue to suffer from COVID-19 restrictions, though the World Gold Council noted it still marks a substantial recovery over Q2.
Year-to-date, total supply was down 5 percent over the same period in 2019 due to disruption from the pandemic.
More on Majors
The Latest
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingSep 16, 2025
Natural Diamond Council Launches Retailer Accreditation ProgramBen Bridge Jeweler and Lux Bond & Green were a part of the pilot program.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionIt included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
