EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
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
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
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.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
