IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
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.
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
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Weekly QuizSep 03, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
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.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
