U.S. GOLD JEWELRY SALES CLIMB
It’s looking like a golden holiday season for jewelry retailers across the United States. Gold jewelry demand in the U.S. has been strong through the year and a robust start to the holiday shopping season should accelerate the trend. Deloitte’s 2017 Holiday Retail Survey indicates 26 percent of shoppers intend to gift jewelry, up from 18 percent in 2012, while the National Retail Federation holiday survey found 33 percent of women are hoping to receive jewelry. In many households, gold jewelry has been the gift of choice this year, with demand running at a seven-year high through the third quarter, according to the World Gold Council, up 4 percent to a total of 77 metric tons. A solid employment market and steady economic growth are helping to fuel purchases across the United States, the world’s third largest gold jewelry market, the Council reports.
Demand for gold jewelry in China is also on the rise, climbing 13 percent during the third quarter, vaulting China ahead of India, which traditionally is the world’s largest gold market. Holiday purchases were strong during Chinese Valentine’s Day in late August and the Autumn Festival, when parents traditionally purchase gold for their children as a good luck and happiness token.
India suffered a steep 25 percent drop in demand for gold jewelry during the quarter. But, the Council attributes that to a new goods and services tax introduced at the beginning of July and toughened regulations on jewelry purchases.
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