Informist, Monday, Jul. 28, 2025

NEW DELHI – Demand for gold jewellery has been declining in China in terms of volume amid surging gold price and slowing economic growth, according to a World Gold Council report. However, consumers in the country are willing to pay more for gold jewellery with a 29% on-quarter increase in it, according to a study conducted by the council.

The Council has attributed the decline in demand to structural factors such as changing demographics, including declining birth rates and marriages, as well as cyclical trends driven by economic growth and interest rates. The current economic transition period, marked by weak consumer spending and external pressures, has also contributed to the decline, the report says.

The study conducted has found that 81% of respondents currently own fine gold jewellery, up from 62% in 2019. Young consumers are increasingly interested in gold jewellery, with 62% of 18 to 24 year olds owning gold jewellery, driven by creative designs and traditional Chinese culture, the report says. Most consumers, according to the council, buy gold jewellery for themselves, with 79% of respondents purchasing for self-indulgence.

The research identified several key drivers of gold jewellery purchases, including cultural and timeless value stating that consumers treasure gold's rich cultural heritage and associate it with good luck. The report said that consumers saw gold jewellery as a store of value, resonating with households' willingness to save in uncertain times.

China's gold jewellery demand surged 362?tween 2001 and 2013, driven by market liberalisation, growing wealth, and urbanisation, according to the report. However, demand peaked in 2013 and has since declined 49% by 2024, despite periodic rebounds, according to the World Gold Council. End

Reported by Pallavi Singhal

Edited by Deepshikha Bhardwaj

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