Events & AwardsOct 24, 2022
See the Top Collections in the ‘Fairmined 100 Challenge’ MajorsNov 09, 2022
U.S. Gold Jewelry Demand Down 6% in Q3
But it was still higher than the five-year average prior to the COVID pandemic, the World Gold Council said in a recent report.
Though gold jewelry demand was down in the U.S. in Q3, it was still up compared to the Q3 average over the five years prior to the pandemic, the World Gold Council said. Pictured here is Sydney Evan’s 14-karat gold and diamond Small Fluted Tennis Bracelet ($7,740) from the designer’s new “Fluted” collection.
London—Gold jewelry purchases in the U.S. were down in Q3, according to the World Gold Council’s latest Gold Demand Trends report.
Demand continued to retreat from last year’s “very healthy COVID-rebound levels,” WGC said—at 30 tons, it was 6 percent lower year-over-year and 20 percent down from the previous quarter.
Spending on things like travel and entertainment has gone back to normal, and as such spending on luxury goods like gold jewelry has declined.
Still, the council noted that Q3 demand “compares relatively well” on a longer-term basis—the average Q3 demand for the five years prior to the pandemic was 27 tons.
Looking ahead, an increasingly challenging economic environment indicates Q4 demand won’t match last year’s very strong final quarter in the U.S., WGC predicted.
Gold jewelry demand on a global scale, meanwhile, recovered to pre-COVID levels, with Q3 demand benefitting from a decrease in gold price.
According to the London Bullion Market Association (LBMA), the per-ounce gold price was down 8 percent during the third quarter in response to the strength of the U.S. dollar as the Federal Reserve hiked interest rates to combat inflation.
On its website, LBMA noted gold started Q3 at $1,795.65 but by Sept. 30 had fallen nearly 7 percent to $1,671.75, falling to a low of $1,618.20 along the way on Sept. 28, a level it hadn’t been at since the COVID shutdowns in early 2020.
Global gold jewelry consumption of 523 tons during Q3 was a 10 percent increase year-over-year and a 14 percent increase compared with the prior quarter.
Related stories will be right here …
Demand continued to retreat from last year’s “very healthy COVID-rebound levels,” WGC said—at 30 tons, it was 6 percent lower year-over-year and 20 percent down from the previous quarter.
Spending on things like travel and entertainment has gone back to normal, and as such spending on luxury goods like gold jewelry has declined.
Still, the council noted that Q3 demand “compares relatively well” on a longer-term basis—the average Q3 demand for the five years prior to the pandemic was 27 tons.
Looking ahead, an increasingly challenging economic environment indicates Q4 demand won’t match last year’s very strong final quarter in the U.S., WGC predicted.
Gold jewelry demand on a global scale, meanwhile, recovered to pre-COVID levels, with Q3 demand benefitting from a decrease in gold price.
According to the London Bullion Market Association (LBMA), the per-ounce gold price was down 8 percent during the third quarter in response to the strength of the U.S. dollar as the Federal Reserve hiked interest rates to combat inflation.
On its website, LBMA noted gold started Q3 at $1,795.65 but by Sept. 30 had fallen nearly 7 percent to $1,671.75, falling to a low of $1,618.20 along the way on Sept. 28, a level it hadn’t been at since the COVID shutdowns in early 2020.
Global gold jewelry consumption of 523 tons during Q3 was a 10 percent increase year-over-year and a 14 percent increase compared with the prior quarter.
Demand was also healthy when looking at a long-term comparison, with WGC noting global gold jewelry demand in Q3 exceeded its five-year quarterly average of 501 tons.
Year-to-date demand on a global basis reached 1,454 tons, rising 2 percent over the same period in 2021, which the World Gold Council said in its report signals a “continued normalization of the market” to pre-COVID levels of activity, aided again by the lower gold price in many markets during the quarter.
India led the recovery, with a 17 percent year-over-year growth in demand to 146 tons—its strongest Q3 since 2018, WGC said.
Growth in China was more muted by comparison, increasing 5 percent year-over-year as its sporadic restrictions and lockdowns during the pandemic hampered consumer sentiment.
European gold jewelry demand increased 4 percent year-over-year to reach its highest Q3 total since 2010, with demand supported by low unemployment and continued recovery of tourism, while double-digit gains in demand were “widespread” across the Middle East in Q3.
Consumption was also up across Southeast Asia, in Japan, and in Australia, the last of which increased 71 percent year-over-year to 2 tons, though WGC noted that was being compared with a low base in Q3 2021, when there were still fairly severe COVID-19 restrictions in place.
Meanwhile, the total global Q3 gold supply increased by 1 percent year-over-year as lower recycling offset production growth.
Mine production during the quarter was up to almost 950 tons, just 1 percent below the strongest third quarter seen in 2018.
More on Majors
The Latest
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
EditorsSep 15, 2026
Q&A: Signet Jewelers’ Joan Hilson on Diamond Demand, the HolidaysHilson, Signet’s chief operating and financial officer, discussed Q2, resurgent natural diamond demand, and why Blue Nile is a standout.
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
