China recorded a 3.1 per cent decrease in jewellery sales in 2024, reflecting muted domestic demand amid economic uncertainties and high gold prices.

Data from the National Statistics Bureau of China showed that sales of gold, silver and jewellery reached RMB330 billion (around US$45.3 billion) in 2024, down from RMB331 billion (around US$45.5 billion) in 2023. The rate of decline eased towards year-end, with a minor drop of 1.0 per cent in December, which registered RMB31 billion (around US$4.26 billion) in jewellery sales.

After exhibiting promising gains at the beginning of the year and maintaining a steady pace of growth from January to March, jewellery sales went down in April, coinciding with multiple record-breaking highs in gold prices. This downward trend persisted throughout the rest of the year, despite the country’s overall improvement in retail sales. 

Total sales of consumer goods rose 3.5 per cent in 2024 and 3.7 per cent in December alone.

“Domestic demand remains weak as sales of certain goods and services continue to lag. There is a need to improve consumers' capacity and willingness to spend,” the government commented, noting that the market is expected to strengthen this year on the back of ongoing policies aimed at boosting consumption.