A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Gold Jewelry Demand Hits a 10-Year High in US
The World Gold Council said the market is benefitting from rising wages and increased consumer confidence.
London—Gold jewelry demand in the United States reached 28.3 tons in the second quarter, marking a 10-year high for the period, the World Gold Council said.
Year-over-year, Q2 demand was up 5 percent, continuing the upward trend in the market.
The half-year number for the United States also hit a 10-year high; at 51.9 tons, demand reached a level not seen since 2008.
The market benefitted from a positive domestic economic environment that included rising wages, lower taxes that boosted household incomes, unemployment hitting historic lows and heightened consumer confidence, the WGC said.
The council also said department stores have reported strong jewelry sales—with some even reallocating store space to gold after replacing it with silver during the downturn—and a solid performance from the high end of the market.
Globally, though, gold jewelry demand dropped 2 percent in the second quarter to 510.3 tons.
The WGC noted that while it may seem surprising that gold jewelry demand didn’t pick up during the quarter given the relatively sharp decline in the per-ounce price of gold, it noted that currency weaknesses in many markets meant that local consumers weren’t seeing lower prices. Instead, they were seeing steady, or even higher, prices.
(The average LBMA gold price was $1,305.99 per ounce in Q2 and $1,317.73 per ounce in H1, according to Bloomberg and ICE Benchmark Administration).
Looking at worldwide jewelry demand by region, the Indian and Middle Eastern markets were the main drivers behind the Q2 decline, WGC said.
In India, consumers faced a high local gold price and seasonal challenges, causing demand to drop 8 percent year-over-year to 147.9 tons.
Meanwhile, economic factors and a new value added tax (VAT) introduced in some Middle Eastern markets impacted jewelry demand.
Iran posted the region’s biggest Q2 decline, 35 percent to 6.6 tons, as the country faced renewed economic sanctions and a collapsing currency.
The United Arab Emirates (-24 percent) and Saudi Arabia (-10 percent) also were down due to the impact of the VAT, while Turkey posted a 10 percent decline as political tensions pushed the local gold price higher.
Egypt was the only country in the region to see improvement, with gold jewelry demand up 10 percent to 5.1 tons, though the year-over-year comparison is against a record-low quarter in 2017.
In addition to the United States, growth in China helped offset the poor demand in India and the Middle East. Gold jewelry
Consumers there increasingly are preferring innovative, creative pieces over traditional jewelry, and a greater emphasis is being put on innovative marketing and customer service as well, the WGC said.
Europe also saw a marginal uptick in second quarter demand from 14.4 tons to 14.5 tons, supported by a stable euro gold price, while growth in Indonesia and Vietnam helped offset weakness elsewhere in Asia.
Gold jewelry demand for the first half of the year worldwide remained virtually unchanged year-over-year at 1,031.2 tons.
The market for recycling gold was up 4 percent compared with the prior-year period, driven largely by Turkey and Iran.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.