Surveys

WGC: US Gold Jewelry Demand Rose 12% in Q3

SurveysOct 29, 2021

WGC: US Gold Jewelry Demand Rose 12% in Q3

Demand hit 32 tons, the market’s highest third quarter total since 2009, according to the World Gold Council.

U.S. gold jewelry demand reached its highest Q3 level since 2009, according to the World Gold Council. Pictured here is Ray Griffiths’ Crownwork Butterfly ring in 18-karat gold ($2,985).
London—Gold jewelry demand continues to recover from pandemic-driven weakness, the World Gold Council said, with demand in the United States among the bright spots. 
 
According to the WGC’s Gold Demand Trends report for the third quarter, economic recovery and improving consumer sentiment drove demand in Q3, continuing the uptick seen in the first half of the year. 
 
WGC said global Q3 demand for gold jewelry was 33 percent higher year-over-year at 443 tons but 12 percent below the five-year average. 
 
In the U.S., gold jewelry demand was up 12 percent year-over-year to 32 tons, the highest third-quarter total for the region since 2009. 
 
The period’s performance, fueled by continued economic recovery and the country’s vaccination campaign, was even more impressive given the market had already started its recovery in Q3 of last year, WGC said. 
 
Quarter-over-quarter, though, demand was down 16 percent on the back of a “very strong” Q2 2021 and the withdrawal of federal income support. 
 
In China, meanwhile, gold jewelry demand reached 157 tons in Q3, which is 7 percent higher quarter-over-quarter and up 32 percent year-over-year. WGC said lower and more stable gold prices and “relatively healthy” growth of disposable income supported demand there.
 
But, even with the growth, the quarter was still 7 percent below the 10-year average from 2010 to 2019.  
 
 Related stories will be right here … 
 
In India, Q3 gold jewelry demand was up by about 60 percent both quarter-over-quarter and year-over-year due to strong pent-up demand, an uptick in economic activity, and lower gold prices, WGC said. 
 
After having been locked down for most of the second quarter to combat a severe second wave of COVID-19, jewelry demand bounced back in Q3, with the vaccine rollout and an end to the monsoon season further boosting consumer sentiment. 
 
The gold price averaged $1,789.50 per ounce in the third quarter, slightly lower than the Q2 average. 
 
Overall, global demand for gold—for use in bars/coins and technology as well as jewelry—fell 7 percent year-over-year to 831 tons in the third quarter. 
 
Year-to-date, it’s 9 percent lower than the comparable period last year. 
 
Gold supply, meanwhile, was flat in the first nine months of the year. 
 
Mine production has steadily increased through 2021, leading the year-to-date total up 5 percent, but recycling has slowed down significantly, decreasing by more than 12 percent over the same period last year. 

The Latest

AuctionsMar 21, 2023
Marlene Dietrich’s Van Cleef & Arpels Bracelet Going Up for Auction

Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.

ColumnistsMar 21, 2023
Squirrel Spotting: Customer Retention Mindset—The New CRM

With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.

Events & AwardsMar 21, 2023
ASJRA’s May Conference Examines ‘Iconic’ Jewelry Companies

Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.

Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

IndependentsMar 21, 2023
Borsheims Executive Jennifer Johnson Retires

Johnson joined the retailer in 1987, establishing its first human resources department.

Weekly QuizMar 17, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Recorded WebinarsMar 20, 2023
Watch: Lab Grown Diamonds: What's Now? What's New? What's Next?

Supplier Spotlight Presented by IGI

Events & AwardsMar 20, 2023
Gem Awards Shine Spotlight on Design, Dedication, and Family

The industry gathered to celebrate those who elevate the jewelry and watch industries.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

CrimeMar 20, 2023
Jewelry Crime Reached Record Level in 2022, JSA Says

At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.

CollectionsMar 20, 2023
A New Book on Chanel Is a High Jewelry Lover’s Dream

It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.

Recorded WebinarsMar 17, 2023
Watch: Lessons From Gems

Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.

Events & AwardsMar 17, 2023
JCK Industry Fund Announces Grant Recipients

Here’s what the nine chosen organizations plan to do with the funds.

TrendsMar 17, 2023
Piece of the Week: Anita Ko’s Award-Ready Earrings

The designer is nominated for a Gem Award for Jewelry Design.

FinancialsMar 16, 2023
Winter Weather, Declining Engagements Weigh on Signet’s Results

The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.

FinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022

In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.

Events & AwardsMar 16, 2023
Amanda’s Style File: Sparkling Gems

See 15 fabulous pieces from the 2023 Gem Award for Jewelry Design nominees: Anita Ko, Kirsty Stone, and Ron Anderson and David Rees.

WatchesMar 16, 2023
Citizen’s New Eco-Drive Watches Run for a Full Year

The new Cal. E365 movement doubles the running time of the current Eco-Drive models.

SourcingMar 15, 2023
Amid Uncertainties, India’s Diamond Industry Continues to Adjust

The mood among diamantaires is fairly optimistic despite the challenges brought about by sanctions and a cloudy economic outlook.

Lab-GrownMar 15, 2023
India’s Lab-Grown Diamond Industry Is Growing Up

The mood is bullish as more companies get into the business despite the dramatic drop in lab-grown diamond prices.

SourcingMar 15, 2023
Q&A: GJEPC Chairman Vipul Shah

Shah talks with National Jeweler about diamond demand, lab-grown, and why it’s difficult to make predictions about the U.S. market.

Policies & IssuesMar 15, 2023
When Diamonds Replenish the Earth

Hari Krishna Exports and the Dholakia Foundation’s “Mission 100 Sarovar” aims to create 100 lakes to help revive an area of Gujarat.

TechnologyMar 15, 2023
Sarine’s New Website Schools Consumers on Traceability

The educational resource will highlight the positive impact diamonds can make on their journey from mine to market.

SourcingMar 15, 2023
Canada’s Ekati Diamond Mine to Get a New Owner

Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.

AuctionsMar 15, 2023
Antique Rings Discovered by Retirees Perform Well at Auction

A 17th-century gold seal ring and an 18th-century memento mori ring met or exceeded estimates at a recent Noonans auction.

Events & AwardsMar 15, 2023
JSA Announces Award Recipients

They will be recognized at the organization’s annual luncheon this weekend in New York City.

ColumnistsMar 14, 2023
On Data: How Did Independent Jewelers Do in January and February?

Sherry Smith breaks down the results so far this year, including which categories are the sales standouts and which are struggling.

MajorsMar 14, 2023
Dutch Historian Discovers Medieval Jewels

The 1,000-year-old find is now on display in the Dutch National Museum of Antiquities.

×

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