CrimeNov 12, 2026
1 of 7 Men Charged in $100M Brinks Heist to Plead GuiltyThree of the other alleged perpetrators will stand trial next March, while two remain on the lam and one was deported late last year.
MajorsAug 10, 2020
Gold Passes $2K Per Ounce as Jewelry Demand Plummets
And the price is likely to keep rising this year.
The gold price rose to a record high this month, crossing the $2,000-per-ounce threshold. Pictured here is Gumuchian’s Honeybee “B” 18-karat gold and diamond linking bracelet.
London—The story of gold jewelry demand and price in the first half of the year is inextricably linked to the COVID-19 pandemic.
As nations across the world enacted lockdown restrictions, primarily during the second quarter, to slow the spread of the coronavirus, demand for both gold and gold jewelry plummeted, the World Gold Council said in its most recent Gold Demand Trends report.
Even as the pandemic severely hampered consumer demand, it also provided an opportunity for investment, with central banks and governments fueling record flows into gold-backed ETFs, lifting the gold price to record highs in several currencies.
As of Friday, the precious metal was trading at $2,034.80 per ounce, according to Kitco.com, a major increase since the start of the year.
In January, the gold price averaged $1,560.67, Kitco charts show.
The gold price continued to rise until mid-March, when it fell to a low of $1,474.25 as governments worldwide began enacting stay-at-home orders.
Then it began its rise again, increasing every month until it passed the $2,000-per-ounce price point in August, reaching its highest point in eight years.
And it doesn’t seem likely it will level out anytime soon, according to some experts.
A few sources have predicted the price of gold could increase to as much as $3,000 per ounce within the next 18 months or even by year’s end.
As the gold price continues its climb, jewelry demand has gone the other way.
According to the World Gold Council, gold jewelry demand was nearly cut in half during the first half of the year, falling 46 percent year-over-year to 572 tons, which it said is the lowest since it started keeping track.
It’s also around half of the 10-year average of 1,106 tons.
In Q2, demand reached a quarterly low of 251 tons, a 53 percent decline year-over-year, as consumers across the world felt the effects of lockdown and the resulting economic slowdown.
In the U.S., demand lost some of the momentum it had gained in recent years, falling 34 percent year-over-year in the second quarter to 19.1 tons, the lowest quarter in WGC’s series.
H1 demand was also down, declining 21 percent to an eight-year low of 41.9 tons.
WGC said store closures due to COVID-19 were the “clear reason” for the decline, made even more severe because the lockdown encompassed two holidays—Easter and Mother’s Day.
Demand “collapsed” in April
Editors' Picks
Sponsored by
and May before recovering in June as stores slowly started reopening and consumers started spending their government-issued stimulus checks.
While the U.S. experienced a drop-off, China and India were the biggest contributors to the global demand decline in the first half of the year, WGC said. Their size when compared to the rest of the world means weakness there has “an overwhelming impact” on global demand.
Q2 jewelry demand in China fell 33 percent year-over-year to 90.9 tons, resulting in a 52 percent decline year-over-year in the first half of the year to 152.2 tons, its lowest H1 since 2007.
As the earliest market to emerge from lockdown, China was the only one to see a quarter-over-quarter recovery from “extreme Q1 weakness,” WGC said, and a “sizable” rebound in jewelry demand from the first quarter to the second.
Even with the upswing, first-half demand in the country remained “muted,” with retailers attributing the weakness to high gold prices, falling disposable incomes, and a greater preference for lighter-weight gold jewelry products.
Q2 gold jewelry demand in India plunged due to the country’s lockdown, the loss of a festival buying occasion and the higher gold price, declining 74 percent year-over-year to 44 tons, the lowest quarterly total in WGC’s series “by some margin,” it said.
This meant H1 demand was down 60 percent to an all-time low of 117.8 tons.
The country’s lockdown lasted from late March until mid-May, running through the important gold- buying festival of Akshaya Tritiya, with sales “trivial” when compared with the previous year as stores remained closed.
As restrictions eased in the middle of the second quarter, activity picked back up in some regions.
June saw further improvement but a lack of weddings and auspicious holidays in the month, as well as recurring lockdowns and the high gold price, hampered any meaningful recovery.
Gold jewelry demand in Europe also fell to an all-time low.
The second quarter was down 42 percent year-over-year to just 8.2 tons, taking the first-half total down 29 percent to 19 tons.
While the U.S. experienced a drop-off, China and India were the biggest contributors to the global demand decline in the first half of the year, WGC said. Their size when compared to the rest of the world means weakness there has “an overwhelming impact” on global demand.
Q2 jewelry demand in China fell 33 percent year-over-year to 90.9 tons, resulting in a 52 percent decline year-over-year in the first half of the year to 152.2 tons, its lowest H1 since 2007.
As the earliest market to emerge from lockdown, China was the only one to see a quarter-over-quarter recovery from “extreme Q1 weakness,” WGC said, and a “sizable” rebound in jewelry demand from the first quarter to the second.
Even with the upswing, first-half demand in the country remained “muted,” with retailers attributing the weakness to high gold prices, falling disposable incomes, and a greater preference for lighter-weight gold jewelry products.
Q2 gold jewelry demand in India plunged due to the country’s lockdown, the loss of a festival buying occasion and the higher gold price, declining 74 percent year-over-year to 44 tons, the lowest quarterly total in WGC’s series “by some margin,” it said.
This meant H1 demand was down 60 percent to an all-time low of 117.8 tons.
The country’s lockdown lasted from late March until mid-May, running through the important gold- buying festival of Akshaya Tritiya, with sales “trivial” when compared with the previous year as stores remained closed.
As restrictions eased in the middle of the second quarter, activity picked back up in some regions.
June saw further improvement but a lack of weddings and auspicious holidays in the month, as well as recurring lockdowns and the high gold price, hampered any meaningful recovery.
Gold jewelry demand in Europe also fell to an all-time low.
The second quarter was down 42 percent year-over-year to just 8.2 tons, taking the first-half total down 29 percent to 19 tons.
More on Majors
The Latest
AuctionsNov 12, 2026
24-Carat ‘Bulgari Pink’ Diamond Sells for $14.8MUnseen for more than seven decades, the fancy intense pink diamond was the star of Christie’s Geneva jewelry auction.
WatchesNov 12, 2026
Zadok Jewelers Now Offers Certified Pre-Owned Rolex WatchesThe curated selection is available online and at its showroom in Austin, Texas.
Brought to you by
DSF Antique Jewelry: Fine Jewelry, Signed Designers, and a World of Rare DiscoveriesWith over 50 years experience in the trade, DSF Antique Jewelry offers quality, craftsmanship, condition, and remarkable variety.
IndependentsNov 12, 2026
Greenberg’s Jewelers Welcomes New Fourth-Generation MembersThe next generation understands what makes the 126-year-old retailer special, said CEO and Co-President Elise Greenberg.
Weekly QuizNov 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownNov 10, 2026
GIA Examines Pink Lab-Grown Diamond Made to Look NaturalThe 6-carat CVD-grown pink diamond was “deliberately modified” to mimic the appearance of a natural rough diamond, the lab said.
SourcingNov 10, 2026
Botswana in Line to Take Controlling Stake in De Beers, President Says If the Global Diamond Consortium emerges as the top bidder for De Beers, Botswana’s stake will double to 30 percent, Duma Boko said Monday.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
ColumnistsNov 10, 2026
Who Checks the Facts When AI Writes Your Jewelry Copy?An incorrect AI-generated ad or product description can cost your store valuable consumer trust.
Events & AwardsNov 09, 2026
Here Are the 2027 Gem Award NomineesThese nine individuals and brands are up for a Gem Award in the Jewelry Design, Media Excellence, and Retail Innovation categories.
CrimeNov 09, 2026
Jeweler Pistol-Whipped, $900K in Jewelry Stolen During Home Invasion The incident, which happened in Miami-Dade County, serves as a reminder to jewelers of the dangers of selling and storing jewelry at home.
GradingNov 09, 2026
GIA Acquires Thousands of Gem Specimens With ‘Extraordinary’ InclusionsGIA Analytical Microscopist John Koivula curated the collection of 2,665 crystals, gems, and minerals over a 60-year span.
CollectionsNov 09, 2026
Bibi van der Velden’s Alligators Become High JewelryThe “Eclipse” collection, the brand’s first high jewelry line, centers its alligator motif in diamond and spinel jewels.
EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
