Despite unprecedented pandemic-related challenges, the gold jewellery industry is clearly on the mend, with global demand soaring in major jewellery markets, thanks to economic recovery and improving consumer sentiment. 

In China, gold’s extraordinary allure, cultural significance and enduring value continue to attract a wider range of consumers. Gold jewellery – still largely viewed as a symbol of wealth and prosperity in traditional Chinese weddings – is also rising to become stylish jewellery options for a younger clientele. Guochao, which refers to the trend of embedding Chinese cultural elements into gold products, has caught the fancy of millennials and Gen-Z buyers. 

Gold jewellery is also given as gifts during childbirth and other festivities such as Chinese New Year, National Day Holiday and the Mid-Autumn Festival.

India, another important market for gold, also views the precious metal as a store of value, status symbol and a fundamental element of many cultural celebrations. While India has faced several headwinds due to Covid-19, a greater number of auspicious wedding days in Q4 2021 could bring about brighter prospects. 

American consumers meanwhile are increasingly spending their disposable income on gold jewellery in lieu of traveling. US vaccination programmes and income support measures have also lifted consumer sentiment, leading to higher gold jewellery sales.