Jewelry Shoppers Priced Out

As gold investors celebrate the growing value of their holdings, those who like to accumulate gold for the purpose of showing it off as beautiful jewelry are taking a pause. Around the world, gold jewelry sales are slumping as prices for necklaces, bracelets, rings and earrings made from gold have soared along with the value of bullion.

In China, the world’s biggest precious metals market, gold jewelry sales dropped 32 percent during the first quarter compared to the year-ago period, according to the World Gold Council. India, the second largest market, saw a decline of 25 percent.

Gold jewelry sales in the United States fell five percent compared to 2024’s first quarter. France, Germany, Italy, and the United Kingdom all saw single digit dips in sales.

Globally, gold jewelry sales were down 21 percent in the first quarter, to total 380 metric tons. During the same three-month span, the price of gold in London soared by $510 the ounce, an astounding gain of 20 percent.

In only two developed countries did the gold price increase seem not to deter jewelry buyers. Saudi Arabian shoppers bought up 35 percent more gold jewelry during the first quarter and Korean buyers increased purchases by 16 percent, compared to the year-ago-quarter.