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Tonnage demand in China for gold jewellery stays tepid, consumer spending on gold jewellery was robust:WGC

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In the first two months of 2025, during the Chinese New Year festive season, gold bars, coins and ETFs saw an uptick in demand driven by several factors – such as gold’s global stability as an investment asset & China’s sluggish economic growth coupled with the Yuan’s volatility. While gold jewellery demand also showed some improvement, it remained weak when measured in tonnage.

During the lunar new year period, jewellery stores anticipated higher consumer interest as compared to previous months, according to the World Gold Council.

About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025. This represents a 3% rise month-on-month but well below the same period in the previous years, highlighting the soaring gold price’s negative impact on the tonnage of gold jewellery demand.

“Elevated gold prices pushed consumers more towards lightweight pieces. While tonnage demand for gold jewellery may have stayed tepid, consumer spending on gold jewellery was robust,” Roland Wang, China CEO, World Gold Council said. In China, weddings play a notable role in gold sales. However, this year may see the lowest number of marriages take place in China in 10 years and that could negatively affect gold jewellery consumption. “Mass-appeal jewellery products with lower labour charges but finer craftsmanship will continue to attract consumers,” says Wang.

So far, Chinese consumer behaviour towards gold in 2025 mirrors 2024 trends. Up until November 2024, gold reigned as the best-performing investment asset in China, with its RMB (Yuan) value appreciating nearly 28%. Gold thus drew more investors and less jewellery buyers last year. Gold bar and coin investment in the first three quarters of 2024 reached its highest level in 11 years. In contrast, demand for gold jewellery dropped to its lowest level in 14 years.

However, last year total gold consumption in China fell 10% year-on-year. As weak demand was anticipated due to slow economic growth, China imported 14% less gold in 2024 as compared to 2025, and 16% below the pre-Covid five-year average.

To uplift China’s economic condition in 2025, the Chinese government has made consumer spending its topmost priority.In a parliamentary session in Beijing, earlier this month, Chinese Premier Li Qiang promised to vigorously boost domestic consumption as the country set a 5% growth target.

This year, China has raised its budget deficit to 5.66 trillion Yuan ($780 billion) or around 4% of gross domestic product, the highest level in almost 3 decades, according to various news agency reports.

The International Monetary Fund (IMF) and Bloomberg’s median forecast China’s GDP to grow at 4.5% in 2025, year-on-year; economic growth in China, according to the World Gold Council, will be the biggest driver for gold investments and consumption of jewellery.

As an investment asset, bar and coin sales could continue gaining momentum and any gold price adjustment could be considered a good opportunity to enter for investors in 2025.As China looks to navigate through its slow economic growth, it is exploring increased investments in assets that offer stable yields.

A new programme launched earlier in February by the National Financial Regulatory Administration of China allows the country’s insurers to invest 1% of their assets in bullion. Ten insurance firms in China including China Life Insurance Co. will be able to invest their assets in precious metals like physical gold. China is the world’s second largest insurance market, and this pilot project could unlock up to $27.4 billion in investment

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VO Vintage Returns To Vicenza With Prestigious Jewellery, Watches and Collecting Culture

The B2C Marketplace Will Bring Together 52 Italian and International Dealers, Unique and Collectable Pieces, and A Programme Of Talks and Meetings With Experts, Collectors and Leading Figures In Watchmaking Culture

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Vintage jewellery and watches will once again be main features in Vicenza from 4th to 7th September with VO Vintage, the B2C marketplace where a selection of leading Italian and international dealers specialising in vintage jewellery and collectable timepieces will gather in Hall 8.1 at Italian Exhibition Group’s Expo Centre.

An off-shoot of Vicenzaoro’s experience in meeting the growing demand of an increasingly informed and keen audience, VO Vintage has grown with each edition, asserting its identity as a leading event for collectors, enthusiasts, dealers and experts.

The format combines a highly curated selection of items with a strong cultural and experiential dimension. Besides the chance to purchase unique and valuable pieces, visitors will be able to meet specialists, learn more about the history and craftsmanship of the objects, and engage with a like-minded community.

With a selection of 52 dealers, 29 Italian and international jewellery retailers and 23 specialist watch retailers, the September edition will be 25% larger than last year, matching the variety of products that visitors were able to enjoy in January.

Matteo Pollini, Exhibition Manager at Italian Exhibition Group Explained:

“VO Vintage’s growth also reflects the younger generations’ interest in the world of vintage as they are increasingly drawn to the opportunity to discover and purchase items with a history, identity and value that can extend beyond the commercial sphere.”

which organises the event during Vicenzaoro September. “We blend passion, expertise and discovery, creating an environment where the public can approach collecting with greater awareness.”

PRESTIGIOUS VINTAGE JEWELLERY AND WATCHES

From unique 20th-century pieces and valuable icons to watches that have shaped the history of watchmaking, VO Vintage offers a journey through historic companies, rarities and items of particular interest to collectors.

One of the most eagerly awaited returns is Spangaro & Co., which will be back with a preview of its famous The One auction event, adding a further highlight to the exhibition programme for fine watchmaking collectors and enthusiasts.

The pre-owned watch line-up will include Antonio Nocco’s Il Quadrante, Prezioso, Vintage Watches Milano, Gioielleria Cenciarini and Casciola dal 1950.

Vintage jewellery will be represented by Zagari, Neapolitan jewellers who have been specialising in vintage signed jewellery, old-cut diamonds and coloured gemstones for five generations; E.L.A. Antichità from Bergamo, a leading name in Italy amongst enthusiasts of period and vintage jewellery for 25 years; and the I Santi Medici art gallery in La Spezia, which deals in period jewellery from aristocratic collections.

For collectors who place particular emphasis on the quality of stones and gems, Italian Vintage Jewellery from Crema, founded by two gemmologists with experience in international diamond and jewellery companies, will be in attendance.

From the Netherlands, EL&L Finery, run by Lisa Finkelman van der Plas, who, following in her family’s footsteps, is renowned for collectable European pieces ranging from late 19th to early 20th-century antiques to vintage items from the 1960s, ‘70s and ‘80s.

New entries will include Thomas Huijbrechts, also from the Netherlands, Twinkle D from Monaco, and Nishyda, Daniel Nessim, Excellent Diamond and Fabiani Group from Italy.

A WEEKEND OF PASSION AND INFORMATION

VO Vintage also asserts its identity through a programme of events. An integral part of the experience is its agenda of meetings, talks and in-depth sessions that offer the chance to gain a first-hand understanding of the timepiece world’s history, craftsmanship and evolution as well as to delve into the universe of collecting, not only through the rare pieces on display, but also through the stories and the people involved.

On Saturday, 5th September, Dody Giussani, editor of L’Orologio magazine, and Pietro Pannone, founder of Ghiera Orologi and co-author of the Laboratorio podcast, will be recording a live episode on the theme Watchmaking that speaks Italian to the world dedicated to the challenges of managing a major watchmaking group: from distribution to the differentiated management of licences and in-house brands.

Massimo Carraro, President and CEO of the Morellato Group, will be taking part in a discussion on the business model of a group that now boasts 14 in-house brands, 7 licensed brands and 5 distributed brands, including Sector, Philip Watch, Karl Lagerfeld, Maserati, Fossil, Emporio Armani and Diesel.

The event aims to highlight the increasingly central role of outreach and community building in the contemporary watchmaking world by comparing expertise, experience and new ways of enhancing watch culture.

The Watch of the Year 2026 awards ceremony (on invitation only), an award assigned by L’Orologio magazine readers, will take place in the evening.

On Sunday, Irene Baiardi, watchmaker and Chamber of Commerce-accredited expert at Gioielleria Orologeria Baiardi Andrea in Bologna, will present The Art of the Chronograph: iconic companies, mechanics and a glossary for collectors, an in-depth exploration of how the chronograph works through the process of reassembly, covering both the mechanisms and history of watchmaking, to delve into the chronograph’s appeal and tradition.

Watch Insanity will be presenting two events. Editor-in-chief Michele Mengoli and publisher Jacopo Giudici will be bringing DEEP-X to VO Vintage, the collective project celebrating Watch Insanity’s 10th anniversary with a one-of-a-kind timepiece and an ultra-personalized Made in Italy movement, outlined by Riccardo Paradisi, founder of Paradisi Watches, Giancarlo Rota, operations director at Oisa 1937, and watch designer, Carmelo Amalfi (Saturday).

On Sunday, the event entitled The Italian micro-brand out to conquer the world will focus on Venezianico, a company that has achieved a turnover of 15 million euros and an annual production of around 40,000 watches.

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