AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsNov 02, 2020
Q3 Gold Jewelry Demand Slips 3% in US
But the market was relatively resilient compared with the rest of the world, where demand remains 'in the doldrums,' the WGC says.
Gold jewelry demand was down 3 percent in the U.S. in the third quarter as the effects of the pandemic are ongoing. Seen here are a pair of 18-karat yellow gold hoops from Roberto Coin.
London—The COVID-19 pandemic continues to have a negative effect, unsurprisingly, on gold jewelry demand.
According to the World Gold Council’s Gold Demand Trends report for Q3, demand lifted from its record low in the second half, but was still “in the doldrums,” hampered by the global economy and high gold prices.
According to Kitco, gold peaked at $2,067.15 per ounce in August before slowing down, averaging a per-ounce price of $1,900.27 in October. It started the year at $1,560.67 per ounce (average) in January.
Global jewelry demand was at 333 tons in the third quarter, registering its third-lowest quarterly total in WGC’s data going back to Q1 2001 and representing a 29 percent decrease over the same period last year.
Comparing in value terms is “less stark,” WGC said, noting Q3 jewelry demand was at $20.4 billion, only an 8 percent decrease year-over-year.
The lift it did have over the second quarter was due to most markets seeing at least some relaxation in the strictest lockdown measures, according to the report, with some also seeing a notable shift toward online shopping.
Meanwhile, gold jewelry demand year-to-date totaled just 904 tons, the lowest in the council’s data series “by some margin”—it’s a 30 percent decease compared with the same period in 2009, when demand was 1,292 tons.
WGC said though China and India were major contributors to the global weakness because of their significance to the market, weakness was universal, with “no bright spots of note.”
The U.S., however, proved to be “relatively resilient” compared with global markets, posting a small decline of 3 percent year-over-year in the third quarter.
In-store demand was still “anemic” in the third quarter as consumers avoided shops and malls; online sales picked up a lot of that loss, WGC added.
Meanwhile, as China returned to a more normal state post-lockdown in the third quarter, jewelry demand continued its recovery from Q1 lows but stayed very soft compared with the same period in 2019.
The region’s gold jewelry demand was 119.1 tons in Q3, representing a 31 percent rebound from Q2. And though it marked a 25 percent year-over-year decline, the gold council said it was still much smaller than the 52 percent drop in H1 demand.
RELATED CONTENT: Gold Passes $2K Per Ounce as Jewelry Demand Plummets
Year-to-date demand in China hit 271 tons, a 43 percent decrease over the first nine months of 2019.
Editors' Picks
Sponsored by
Indian jewelry demand, meanwhile, began a modest recovery from its Q2 record low in the third quarter, though the level still was well below what it saw in 2019.
Gold jewelry demand in the region was 48 percent lower year-over-year at 52.8 tons, which WGC said was the third-lowest quarter for Indian jewelry demand in its data series.
Consumers there not only were coping with recurring lockdowns and their heavy economic impact as well as unprecedented gold prices, but also the timing of two Hindu celebrations in September being considered inauspicious for gold buying.
Demand was also weak in Turkey and across the Middle East as well as in Europe, where gold demand decreased 17 percent compared with the year-earlier period. But Europe’s Q3 results also meant a 32 percent quarterly improvement, reflecting a release in pent-up demand as lockdowns eased.
Demand for gold overall dropped to 892.3 tons in the third quarter—its lowest quarterly total since Q3 2009—as the global pandemic continued to effect consumers and investors alike.
At 2,972.1 tons, year-to-date demand is 10 percent below the same period of 2019.
Supply was also down in Q3, declining by 3 percent year-over-year to 1,224 tons.
Mine production also decreased by 3 percent to 884 tons as the industry continue to suffer from COVID-19 restrictions, though the World Gold Council noted it still marks a substantial recovery over Q2.
Year-to-date, total supply was down 5 percent over the same period in 2019 due to disruption from the pandemic.
Gold jewelry demand in the region was 48 percent lower year-over-year at 52.8 tons, which WGC said was the third-lowest quarter for Indian jewelry demand in its data series.
Consumers there not only were coping with recurring lockdowns and their heavy economic impact as well as unprecedented gold prices, but also the timing of two Hindu celebrations in September being considered inauspicious for gold buying.
Demand was also weak in Turkey and across the Middle East as well as in Europe, where gold demand decreased 17 percent compared with the year-earlier period. But Europe’s Q3 results also meant a 32 percent quarterly improvement, reflecting a release in pent-up demand as lockdowns eased.
Demand for gold overall dropped to 892.3 tons in the third quarter—its lowest quarterly total since Q3 2009—as the global pandemic continued to effect consumers and investors alike.
At 2,972.1 tons, year-to-date demand is 10 percent below the same period of 2019.
Supply was also down in Q3, declining by 3 percent year-over-year to 1,224 tons.
Mine production also decreased by 3 percent to 884 tons as the industry continue to suffer from COVID-19 restrictions, though the World Gold Council noted it still marks a substantial recovery over Q2.
Year-to-date, total supply was down 5 percent over the same period in 2019 due to disruption from the pandemic.
More on Majors
The Latest
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
