FOCUS 焦点 JNA September/October 2024 | 11 Pricier gold, however, will still be attractive to the more affluent customer and to those who consider the precious metal as a form of investment. Markets with strong cultural affinity for gold such as China and India will also continue to purchase gold even at a premium, he added. Italy, as a global jewellery manufacturing hub, plays a critical role in the yellow gold jewellery segment. Joseph of Hasbani Gioielli pointed to Italy’s renowned reputation for creativity, exceptional design and product quality as pillars of sustained growth. These are instrumental to further raising the profile of Italian jewellers globally. “Introducing yourself as an Italian jeweller is already an advantage. The trade commonly associates Italian production with these positive qualities, which will have to be matched with fine-quality jewellery and reasonable prices, of course,” noted Joseph. Yellow gold is also an integral part of the Indian jewellery industry. While demand was down in the first half of 2024 mainly due to high gold prices, data from WGC points to better days ahead. According to WGC’s latest Gold Demand Trends report, the government’s decision to cut import duties on gold and other metals is likely to prompt a revival in gold jewellery demand moving forward as more affordable imported gold feeds through to consumers at the retail level before seasonal festive buying begins. “A healthy monsoon so far should add to the positive momentum in domestic economic growth and further support demand in Q3. However, any further sharp rises in the gold price would likely mitigate the positive effects of the cut in customs duty – at least temporarily – until consumers become accustomed to new, higher levels,” noted WGC. Joseph Hasbani, partner at Hasbani Gioielli SpA, revealed that the market indeed is showing increased preference for yellow gold, corroborating observations by other industry players. There was a time when white gold was all the rage, he added, but the yellow gold trend tends to last longer. “Historically, that has always been the case. We can have about 15 years of strong white gold sales, followed by around 50 years of gold prominence. We can expect steadily rising demand for yellow gold,” explained Joseph. Buyers are also increasingly moving towards everyday pieces in yellow gold and fewer diamonds as opposed to statement jewellery. Hasbani Gioielli’s main markets are the US and the Middle East, followed by Asia, specifically Indonesia and the Philippines. Its hero products are 18-karat gold jewellery pieces embellished with diamonds and coloured gemstones – all manufactured in its factory in Milan. Walter Magnaghi, sales manager of Blu Oro Srl, said his company produces mainly yellow gold jewellery. And he is also seeing rising demand for the precious metal, specifically in the company’s key markets of the US, the UK, Japan and Asia. “White gold represents only 10 per cent of our production while two-toned jewellery is becoming bigger, and now accounts for about 20 per cent. The rest is yellow gold,” explained Magnaghi. Yellow gold’s rich and stately appeal alongside the soaring prices of gold could be the driving force behind the demand upsurge, he noted. Another contributing factor are celebrities and influencers regularly sporting yellow gold jewellery and accessories in their social media posts. Based on data from the World Gold Council (WGC), the price of gold has reached US$2,498.60 per ounce as of September 2, 2024, up 29 per cent from US$1,937.20/oz in the same period last year. Buyers from the US would go for 14-karat gold while those in Hong Kong and Japan are partial to 18-karat gold. Meanwhile, 22-karat gold is highly sought after in Indonesia. Blu Oro also produces lightweight, hollow gold jewellery for its mainland Chinese clients. With gold prices poised to climb further in 2025, Magnaghi said retailers and wholesalers could be facing challenging months ahead. “It could be a problem for a few big customers, particularly retailers,” he noted. “It might be difficult to factor in significant and frequent price changes in their budgets at the start of the year.” US$2,498.60 2508.55美元 Price of gold per ounce as of September 2, 2024, according to the World Gold Council 根据世界黄金协会的数据，截至2024年8月27日的每盎司黄金价格
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