CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsJan 31, 2020
US Gold Jewelry Demand Up 2% in 2019
But the jump in the gold price in Q3 contributed to a 6 percent decline in global demand in the full year.
U.S. demand for gold jewelry was up last year, albeit slightly—it grew 2 percent to 131.1 tons. Pictured here is Pamela Zamore’s 18-karat gold and diamond bracelet ($4,000).
London—Gold jewelry demand may have had a good year in the U.S. last year, but it was a different story when looking at its performance globally in 2019.
In the United States, demand was up for the third consecutive year in 2019, rising 2 percent to reach a 10-year high of 131.1 tons, according to the World Gold Council’s most recent Gold Demand Trends report.
The WGC attributed this performance to improved consumer confidence amid a “relatively robust” economic environment.
Demand increased in the fourth quarter as well, up 2 percent to 49.2 tons, marking the twelfth consecutive quarter to see year-over-year growth.
But these positive results weren’t the case for global gold jewelry demand.
According to the WGC, demand in 2019 fell 6 percent overall to 2,107 tons.
The second half was largely affected by the jump in the gold price in the third quarter (prices reached $1,546/ounce in September, according to Kitco), impacting affordability.
Fourth quarter jewelry demand sank to its lowest level since 2011, plummeting 10 percent to 584.5 tons.
The WGC also noted the drop in global volumes last year had much to do with weakness in India and China.
In India, a 17 percent drop in the fourth quarter led to a 24 percent decline for the second half of the year.
Key factors influencing the second-half performance were the higher gold prices, a domestic economic slowdown and “muted” rural demand.
In China, meanwhile, fourth quarter demand sank 10 percent to 159.7 tons.
This also represented the fifth consecutive quarter of decline for the market, causing full-year 2019 demand to slide 7 percent to 637.3 tons.
Subdued demand in both the quarter and the year were attributed to China’s slowing economy, rising inflation, global trade disputes, and higher gold prices.
Another factor was the younger generation’s shifting tastes toward lighter jewelry pieces with fashionable designs; traditional “mass-appeal” 24-karat gold jewelry continued to lose market share to innovative products.
Meanwhile, 2019 gold jewelry demand was down 2 percent in both the Middle East and Europe, and in other Asian markets, excluding China, higher gold prices dented demand across the region to lead to full-year losses.
However, while global demand by volume was down for the full year, demand by value was up.
Consumers spent even more on gold in 2019, with gold jewelry demand increasing 3 percent to a five-year high of $94.3 billion.
Much
of this came from a 9 percent year-over-year increase in demand during Q4, which reached a seven-year high of $27.8 billion.
Other Gold Trends
Overall gold demand across all categories—jewelry, ETFs, technology, bar and coin demand, and more—was down 1 percent in 2019.
According to the WGC, it was “broadly a year of two distinct halves:” resilience and growth across most sectors in the first half of the year, while the second half was marked by widespread year-over-year declines.
It said global demand in H2 was down 10 percent compared with the same period in 2018 as year-over-year losses in the fourth quarter compounded those in Q3.
Meanwhile, the total gold supply was up slightly in 2019, rising 2 percent year-over-year to 4,776.1 tons.
Mine production in Q4 fell 2 percent to 889.5 tons, the lowest fourth-quarter mine output since 2016 and closing out a year of declines in all quarters.
In full-year 2019, gold mine production totaled 3,463.7 tons, representing a 1 percent decrease, the first annual decline in production since 2008.
The recycled gold supply, meanwhile, was up 16 percent year-over-year in Q4, totaling 335 tons and bringing the annual supply to 1,304.1 tons in 2019—the highest since 2012, when the gold price was much higher.
Other Gold Trends
Overall gold demand across all categories—jewelry, ETFs, technology, bar and coin demand, and more—was down 1 percent in 2019.
According to the WGC, it was “broadly a year of two distinct halves:” resilience and growth across most sectors in the first half of the year, while the second half was marked by widespread year-over-year declines.
It said global demand in H2 was down 10 percent compared with the same period in 2018 as year-over-year losses in the fourth quarter compounded those in Q3.
Meanwhile, the total gold supply was up slightly in 2019, rising 2 percent year-over-year to 4,776.1 tons.
Mine production in Q4 fell 2 percent to 889.5 tons, the lowest fourth-quarter mine output since 2016 and closing out a year of declines in all quarters.
In full-year 2019, gold mine production totaled 3,463.7 tons, representing a 1 percent decrease, the first annual decline in production since 2008.
The recycled gold supply, meanwhile, was up 16 percent year-over-year in Q4, totaling 335 tons and bringing the annual supply to 1,304.1 tons in 2019—the highest since 2012, when the gold price was much higher.
More on Majors
The Latest
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
