A perennial symbol of wealth and sophistication, gold jewellery – whether plain metal or gem-studded – remains a coveted possession among today’s discerning buyers. 

Global demand for gold jewellery rose 4 per cent in the second quarter of 2022 from the same period last year, albeit still below typical pre-pandemic quarterly levels, latest data from the World Gold Council revealed.

China, a top consumer of gold jewellery, saw double-digit declines in Q2 demand, owing to the country’s strict zero-Covid policy and generally soft domestic market but hope is on the horizon. The industry is counting on consumption stimulus measures alongside pent-up wedding demand and expanding product ranges of 24-karat hard gold and heritage gold jewellery to provide much-needed support. 

Outlook for India – another major gold jewellery market – meanwhile remains mixed. “While festival and wedding demand should be a positive factor in Q4, demand will face challenges from a depreciating rupee, higher inflation and the higher import duty on gold,” the council said.

Gold price correction however could help lift demand for gold products, jewellery included. As of September 27, 2022, gold spot price reached US$1,634.30 per ounce, down from a high of US$2,039.5 per ounce recorded on March 8, 2022.