PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
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
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Weekly QuizFeb 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
AuctionsFeb 18, 2026
Joanna Carson’s Jewels Head to AuctionThe estate of the model, philanthropist, and ex-wife of Johnny Carson has signed statement jewels up for sale at John Moran Auctioneers.
Policies & IssuesFeb 18, 2026
Community for Ethical Jewelry Looks for Executive DirectorThe organization is seeking a new executive director to lead it into its next phase of strategic growth and industry influence.
Events & AwardsFeb 18, 2026
DCA to Host Gemstone Selling Education Session at IJO EventThe nonprofit will present a live, two-hour introductory course on building confidence when selling colored gemstones.
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
