International News
Jewellery sector’s growth will be fueled by a younger, diverse clientele: McKinsey & Co luxury fashion report
Jewellery sales are expected to regain momentum with 3% to 5% projected growth. An increasing number of consumers will transition from non-branded to branded jewellery.
A 2025 luxury fashion report by McKinsey & Co forecasts jewellery and leather goods to be the fastest-growing categories of the luxury goods industry through 2027. The jewellery sector’s growth will be fuelled by a younger and more diverse clientele.
The report notes that in the period 2019-2023, the jewellery category experienced a remarkable 8% CAGR (compound annual growth rate), globally. However, in 2024, growth slowed down between 2% to 4%. This year, jewellery sales are expected to regain momentum with 3% to 5% projected growth, and accelerate to 4% to 6% by 2027.
Jewellery sector’s growth in the next 3 years will be shaped by shifting customer profiles and buying behaviours. An increasing number of consumers will transition from non-branded to branded jewellery.
High jewellery sales are likely to increase in line with the growing number of ultra-high-net-worth individuals worldwide. Moreover, growing interest among younger buyers in genderless jewellery, along with luxury brands investing in technology and immersive experiences will further shape interest among digital natives and new consumers
However, the report cautions that an uncertainty in a clear segregation between lab-grown diamond and natural diamond markets could pose a challenge to this growth.
Key points:
- Jewellery to grow globally between 4%-6% through 2027: McKinsey & Co.
- High-jewellery demand to rise as the wealthy population grows worldwide.
- Global iconic jewellery brands continue to lead growth for luxury conglomerates
- Diamond-studded jewellery to see the biggest growth in India in 2025: Redseer
- India’s precious jewellery market to grow at a healthy 11-13% CAGR until 2028
- Organised jewellery sector in India to grow 20% year-on-year in FY25: Ind-Ra
International News
WGC Gold Market Commentary-Go With The Flow
September Was Unusual: Despite The Price Decline,Global Gold ETFs Recorded US $10bn (67t) Of Inflows Across Regions. North America Led The Charge, Followed By Europe and Asia.
September review
A surge in US Treasury yields and the US dollar alongside a drop in futures positions helped drive prices lower in September, despite
Yet September was unusual: despite the price decline, global gold ETFs recorded US$10bn (67t) of inflows across regions. North America led the charge, followed by Europe and Asia.
Key Takeaways & Market Drivers
1. September Price Retreat
- Price Movement: Gold dropped 8.5% m/m in September to close at $4,176/oz (USD), experiencing broad declines across all major international currencies.
- Primary Drivers: Macro headwinds drove prices lower, specifically a 53 bps surge in US 10-year Treasury yields (to 5.3%) and a 2% gain in the US Dollar Index (DXY), as captured by the Gold Return Attribution Model (GRAM).
- Derivatives Liquidation: COMEX net managed money positions shrank by $12bn (84t), while spreading positions fell by $22bn (156t), putting heavy downward pressure on spot prices.
2. Divergence: Physical ETFs vs. Derivatives
- Unusual Contrast: While futures/derivatives positions liquidated sharply, physical demand held firm—global gold ETFs saw strong net inflows of $10bn (67t) in September, led by North America, Europe, and Asia.
3. Stellar European & UK Demand in Q3
- Record Demand: UK-listed gold ETFs recorded 54 tonnes of inflows in Q3 (inflows in 12 of 13 weeks), far exceeding model predictions of 18t (a 36t excess).
- Macro Shift: Historical relationships fail to explain the surge. However, since July, excess UK ETF inflows have strongly correlated (r = 0.51) with rising UK term premia.
- Fiscal Concerns: Investors appear increasingly focused on long-term fiscal sustainability (highlighted by the UK Office for Budget Responsibility’s warnings) and persistent inflation risks rather than transient policy events.
Outlook: What to Watch in October
- Fed & Central Bank Meetings: Markets have lowered expectations for further monetary tightening across the Fed, ECB, and Bank of England.
- Key Signal: If bond yields and term premia remain elevated despite dovish rate expectations, it will signal deeper structural concerns regarding fiscal deficits, which should continue supporting strategic gold demand.
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