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.
Editors' Picks
Sponsored by
More on Majors
The Latest
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Weekly QuizApr 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
