Central banks reported 17t of net buying in March via the IMF and other public data sources. Demand remains strong as the first quarter of the year ends: monthly gross purchases of 35t were offset by gross sales of 18t, with Uzbekistan reporting net sales of 11t.

March changes by country

Notably, National Bank of Poland was the largest reported net buyer this month (16t), followed by National Bank of Kazakhstan (11t) and People’s Bank of China (3t). Czech Republic (2t) and Turkey (1t) also added to their gold reserves in March. Central Bank of the Republic of Uzbekistan was the largest net seller (11t) for the month, followed by Singapore (5t) and Kyrgyzstan (2t)

Year-to-date changes by country

Poland is the largest reported net buyer in 2025 so far (49t) followed by Azerbaijan** (19t) and China (13t) over the same period. In the first quarter of 2025, Uzbekistan reported largest net sales (15t), followed by Singapore (5t), Kyrgyzstan (4t) and Russia (3t).

Highlights: April 2025 Commercial-Quality Emerald Auction

• Total auction revenues of USD 16.4 million
• 36 lots were offered for sale, of which 32 were sold (89%)
• Average price of USD 6.87 per carat
• The 51 auctions of Kagem gemstones held since July 2009 have generated USD 1,090 million in total revenues

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:”Today’s result marks a notable improvement on the disappointing commercial-quality auction held in September 2024. An increased number of bids and stronger prices across a broad quality-range point to improved sentiment and demand since our experience in Q3 2024.

The overall USD per carat realisation has been positively skewed by the withdrawal of a schedule comprising very low-quality material, weighing 112,000 grams and representing 18.5% of the total weight offering.We extend our appreciation to the Kagem team and to the Government of the Republic of Zambia, Kagem’s 25% shareholder.”

The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed- bid process.

The rough emeralds sold were extracted by Kagem (which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

The World Gold Council’s Q1 2025 Gold Demand Trends report reveals total quarterly gold demand (including OTC¹) was 1,206t, a 1% increase year-on-year, in a record high price environment, in which gold surpassed US$3,000/oz.

The gold ETF revival fuelled a more-than doubling of total investment demand to 552t, a 170% year-on-year increase and the highest since Q1 2022. ETF inflows accelerated around the world, totalling 226t in the first quarter as price momentum and tariff policy uncertainty drove investors to gold as a safe haven.

Total bar and coin demand increased 3% y/y, remaining elevated at 325t during Q1, spurred by a surge of retail investment in China, which posted its second-highest quarter on record. Eastern investors drove much of the global demand for bar and coin, offsetting Western weakness as appetite in the US dropped 22% year-on-year, alongside a modest 12t recovery in Europe, but from a very low base in the same quarter last year.

Central Banks are now entering their 16^th consecutive year of net-buying, adding 244t to global reserves in Q1 amidst ongoing global uncertainty. While this level of demand was 21% lower year-on-year, it remains robust and in line with the quarterly average for the last three years of sustained, strong buying.

Unsurprisingly, jewellery demand was negatively impacted as gold hit 20 all-time price highs in Q1. Volumes reached their lowest point since demand was stifled by the COVID pandemic in 2020. However, the jewellery market remained relatively resilient, especially in value terms, given extreme price pressures. The first quarter saw a 9% year-on-year increase in consumer spending to US$35bn with every market except China seeing an increase in the value of gold jewellery demand.

Total gold supply was relatively flat year-on-year, at 1,206t in the first quarter as record Q1 mine production was offset by slightly lower recycling. Technology demand was also stable at 80t, compared to Q1 2024.

Louise Street, Senior Markets Analyst at the World Gold Council, commented: “It’s been a bumpy start to the year for global markets as trade turmoil, unpredictable US policy announcements, sustained geopolitical tensions and a return of recessionary fears have created a highly uncertain environment for investors. In this context, investment demand for gold has paved the way for the highest level of first quarter demand since 2019.

“Over the past 10 months investors have returned to gold ETFs, ramping up their allocations since Q3 last year, and already in April, Asian inflows have stormed past their Q1 total. However, there is still room for growth, with global gold ETF holdings sitting 10% below their 2020 high.

“Looking ahead, the broader economic landscape remains difficult to predict, and that uncertainty could provide upside potential for gold. As turbulent times persist, safe haven demand for gold from institutions, individuals and the official sector could climb higher in the months to come.”