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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About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025.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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International News

Gemfields – Ruby: The Fire Within

Gemfields Explores the Science, Symbolism and Timeless Allure of Mozambican Rubies, July’s Iconic Birthstone

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This July, for which ruby is the birthstone, Gemfields is seeing red. Rubies are often regarded as powerful symbols of passion and vitality, with their blazing scarlet hue evoking feelings of hot-headed love and burning desire. Describing colour in gemstones is a little like describing the ephemeral. We can feel it, see its effects, and experience its intensity, yet the moment we try to define it precisely, language begins to fall short.

Our eyes can distinguish millions of colour variations, far more than our vocabulary can comfortably name. In emeralds and rubies, especially, what we casually call “red” or “green” is rarely just that. A ruby may show flashes of pinkish-red, orangey-red, or purplish-red depending on the light. An emerald might lean bluish-green in one moment and reveal a warmer, slightly yellowish tone in another. The human eye perceives nuances instantly, whilst words struggle to keep up.

Gemmology attempts to bridge this gap by breaking colour down into components: hue (the basic colour), tone (how light or dark it is), and saturation (how vivid or intense it appears). This structured language helps professionals communicate more clearly. Yet even then, colour remains subjective. Two people can look at the same gem and describe it differently because perception is influenced by lighting, environment, and even personal sensitivity to colour.

A ruby’s red comes from trace elements of chromium and how it interacts with surrounding oxygen ions, as this affects the rays of light that are absorbed or reflected within the crystal. Rubies from Mozambique display the full known spectrum of colour ranges, including the most vivid red hue, and naturally fluoresce under UV light.

There is, of course, another dimension to colour in rubies, in that the gemstone possesses pleochroism—the ability to display different colours when turned at different angles due to selective absorption of light. It is the skill of the gemstone cutter to marry these colours together and form the most pleasing, vivid crimson. The beauty is, as ever, in the details, as subtle movements reveal flashes of orange, pink and purple, a dance referred to as the ‘fire within’, evoking a picture of glowing embers and the rawest of emotions.

This is why gemstones, and rubies in particular, are so fascinating: they resist rigid definition. Their beauty lies in subtle shifts, in the interplay between light and matter, in nuances that cannot be fully captured by simple words. The act of seeing outpaces speaking, and perhaps that mystery is part of what makes the colour in gemstones so powerful.

Choosing a Gemfields Mozambican ruby of your very own is easier than you might think. Gemfields collaborates with a number of international jewellery brands, offering an array of jewellery designs to suit your unique style.

Make a statement with the DIACOLOR x Gemfields Gleaming Flower Earrings, which surround deep red Mozambican rubies with yellow diamond briolettes. Keep your rubies close with the Fehmida Lakhany x Gemfields Ruby and Diamond Choker or The Line x Gemfields Ladhi Ruby Necklace, which pairs rose-cut diamonds with blushing Mozambican rubies. Complete the look with the Ivy New York x Gemfields Chandelier Earrings, featuring over 20 carats of dancing Mozambican rubies.

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