International News
Tonnage demand in China for gold jewellery stays tepid, consumer spending on gold jewellery was robust:WGC
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About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025.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
GlamBuzz
The Met Goes Desi: Inside Sabyasachi’s Showstopping Diwali Dhamaka in New York
Sabyasachi transformed the grand museum halls into a lavish celebration of Indian heritage and global luxury. The decor was a masterclass in maximalist artistry.
On October 21, Indian craftsmanship, high fashion, and luminous festive spirit converged at New York City’s Metropolitan Museum of Art as designer Sabyasachi Mukherjee hosted a grand Diwali gathering at one of the world’s most prestigious cultural landmarks.


Where the legendary Met Gala annually redefines Western fashion, Sabyasachi transformed the grand museum halls into a lavish celebration of Indian heritage and global luxury. Waiters in vermilion safas moved gracefully beneath the Tiffany loggia, while a jazz ensemble set a soulful tone for an evening where traditional grandeur met modern elegance.



The decor was a masterclass in maximalist artistry. Rich autumn hues, dramatic floral arrangements, cascading pomegranates, and a extraordinarily lifelike peacock installation turned the venue into a lush, garden-inspired masterpiece. At the center sat an opulent, 16-foot grazing table draped in brocade, showcasing a feast that seamlessly paired international delicacies with traditional Indian mithai.
Rani Mukerji: quiet sparkle
Actor Rani Mukerji, a longtime muse and close friend, turned heads in a fluid, gunmetal satin saree edged with subtle crystal, paired with a matching sleeveless blouse, oversized black frames, and a sparkling silver clutch. She paired her liquid-grey satin saree with deliberately understated jewellery: delicate drop earrings, layered bracelets and a metallic wristwatch. The effect was polished rather than ornate, letting the saree’s sheen and her bold black square glasses carry the styling.

Her silver-embellished mini chain bag added the evening’s main hit of sparkle, making the look a strong example of contemporary festive minimalism—ideal for a museum setting where the outfit needed to feel elegant without competing with the art.
Masaba Gupta: colour-led statement
Masaba Gupta chose the evening’s most jewellery-forward look: a multicoloured gemstone statement necklace from the House of Masaba x Amrapali collaboration, reportedly the “Trinket Hoarder” neckpiece in 18-karat antique-finish gold, diamonds and mixed colourful gemstones.

She balanced the vibrant choker with large gold sunburst earrings, a sleek centre-parted bun, black sunglasses and Sabyasachi’s maroon tiger-emblem clutch. The jewellery gave her ivory-and-crimson “laal paar”-inspired ensemble a distinctly maximal, heritage-meets-pop edge.
The wider Jewellery mood
Guests broadly favoured rich Indian craft codes—brocade jackets, sequined sarees, lehengas and embellished Sabyasachi layers—while accessories ranged from subtle metallic accents to bold gem-set neckpieces. Sabyasachi’s signature Pineapple bag, handcrafted with metalwork, stone or crystal inlay and bead or sequin detailing, reinforced the party’s jewellery-adjacent luxury language.

The Met celebration signalled a shift in high-profile Diwali dressing: instead of layered traditional gold, the standout formula was either one exceptional gemstone statement or clean metallic minimalism, with craft-led bags and eyewear used as styling punctuation.
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