Retail sales of gold, silver and jewellery in China were down 1.1 per cent in 2022 as the country faced a challenging year of high Covid cases and strict lockdowns.

Overall jewellery sales last year reached RMB301.4 billion (approximately US$44.42 billion) while sales during the December holiday season dipped 18.4 per cent to RMB24.5 billion (around US$3.61 billion). This represented a third consecutive month of declining sales in 2022, government data showed. 

China recorded a 7 per cent and 2.7 per cent drop in jewellery sales in November and October 2022, respectively, after enjoying months of steady increases since June 2022. Sales saw the sharpest decline of 26.7 per cent at the height of the Covid pandemic in April last year.

The country lifted strict Covid restrictions in December 2022 – a move that industry players hope will help spur demand and activity in the jewellery sector.