Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
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
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
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.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
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.
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.
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.
