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
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
