Global jewellery consumption posted double-digit losses in the second quarter of 2025, falling to 341 tonnes – the lowest since the height of Covid in 2020.

According to the World Gold Council's Gold Demand Trends: Q2 2025, much of the 14 per cent decline came from leading gold jewellery consumers China and India, whose combined market share fell below 50 per cent for only the third time in the last five years. In value terms, jewellery consumption was 21 per cent higher year over year at US$36 billion.

"Gold jewellery volumes continued to decline in Q2 as record gold prices during the quarter further impinged on affordability. Quarterly demand was 30 per cent below the five-year quarterly average of 487t," said WGC.

Among the 31 markets in which the council measures gold jewellery consumption, Iran was unique in witnessing a year-on-year increase in demand, it added. Universal declines were recorded in other markets.

"The recent sharp gold price increases have prompted a more pronounced decoupling between consumption volumes and value, particularly in price sensitive markets such as India and China. In contrast with the volume series, all markets saw a year on year rise in the value of jewellery demand," said WGC.