De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
US Gold Jewelry Demand ‘Relatively Resilient’ in Q4
Pent-up demand and money diverted from travel and dining out helped boost demand for gold jewelry at the end of 2020.
According to the World Gold Council’s recently released Gold Demand Trends report for the fourth quarter and full-year 2020, demand for gold jewelry in volume terms was down just 1 percent year-over-year in Q4.
In value terms, demand hit a quarterly record of $2.9 billion due to high gold prices.
The gold price topped $2,000 an ounce in August and finished the year with a cumulative average of $1,769.64. Early into 2021, the gold price remains high, hovering around $1,800 per ounce as of press time.
WGC described Q4 U.S. demand as “relatively robust,” noting that the fourth quarter benefited from pent-up demand from previous quarters.
In addition, money that’s usually spent on travel and dining out, which are severely limited by the ongoing pandemic, was diverted to gold jewelry, which remains on-trend for fashion pieces as well as in bridal.
RELATED CONTENT: Watch Our Webinar on Fine Jewelry Trends in 2021
For the full year, the council said its data shows gold jewelry demand in the U.S. was down 10 percent, driven by the impact COVID-19 had on consumer income and sentiment.
(WGC noted that U.S. demand figures could be subject to “greater-than-normal revisions” going forward, due to varying levels of uncertainty in the data due to COVID-19 disruptions.)
Data from The Edge Retail Academy shows that the number of units of gold jewelry sold dropped 7 percent year-over-year in 2020, though gross sales were up 2 percent and the average amount of each sale rose 10 percent.
Globally, gold jewelry demand was down 13 percent in the fourth quarter and 34 percent on the year.
All markets posted steeper declines than the U.S.
Precipitous drops in demand in India and China, the two largest consumers of gold in the world, were the main drivers behind the decline.
The World Gold Council said demand in India fell 42 percent year-over-year in 2020, and was down
In Europe, gold jewelry demand fell 21 percent and it was down about 30 percent in the Middle East and Turkey.
Overall global gold demand, including use of the metal for technology and as an investment vehicle, dropped 28 percent in the fourth quarter, the weakest quarter since 2008, when the world was the midst of the global financial crisis.
For the full year, demand was down 14 percent to 3,759.6 tons, marking an 11-year low.
Total annual gold supply fell 4 percent year-over-year to 4,633 tons, the biggest drop since 2013.
The World Gold Council said the coronavirus-related disruption to mine production—which was seen in the diamond industry as well—is largely to blame, though it was offset somewhat by a marginal increase in recycling to 1,297.4 tons.
The Latest
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.