International News

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

Published

2 years ago

March 17, 2025

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About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025.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

Related Topics:2025 ETF internationalnews World Gold Council

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International News

India’s Gem & Jewellery Exports Surge 34.01% to US$ 2.92 Billion in October 2026, Driven by Strong Orders Ahead of the Christmas and Holiday Shopping Season

Published

3 hours ago

November 13, 2026

JewelBuzz Spread The Buzz

Cut & Polished Diamond exports record a strong 10.50% growth in October 2026, signalling renewed momentum in the segment.
Gold Jewellery exports grew 48.20% in October 2026, with Studded Gold Jewellery recording an impressive 67.30% growth.
Silver Jewellery exports surged 55.52% in October, reflecting sustained international demand
Polished Lab-Grown Diamonds exports registered an impressive growth of 81.02% in October 2026
October’s strong year-on-year growth was also supported by a favourable base effect, as Diwali-related manufacturing shutdowns fell in October last year, while this year’s festive break falls in November.

India’s gem and jewellery exports registered a robust growth of 34.01% in US dollar terms and 44.71% in rupee terms in October 2026, reaching US$ 2.92 billion (Rs. 27,862.82 crore), compared to US$ 2.18 billion (Rs. 19,253.60 crore) in October 2025.

The strong October performance reflects the industry’s continued export momentum and its efforts to meet international buyer requirements ahead of the year-end holiday season, one of the most important selling periods for jewellery markets across the United States, Europe and other key global destinations.

For the cumulative period April–October 2026, India’s gross gem and jewellery exports reached US$ 17.22 billion (Rs. 1,63,961.74 crore), registering growth of 7.28% in US dollar terms and 17.76% in rupee terms over the corresponding period last year, when exports stood at US$ 16.05 billion. Among India’s key export destinations, Hong Kong recorded growth of 18.80% during April–October 2026, with exports reaching US$ 3.95 billion, while exports to the USA increased 14.87% to US$ 3.61 billion. Belgium registered strong growth of 30.02% to US$ 923.19 million, followed by Singapore (22.38%), the UK (17.89%) and Canada (107.93%). However, exports to the UAE, India’s largest export destination, declined 10.27% to US$ 4.87 billion.

The October performance also needs to be viewed in the context of the differing festive calendars. Diwali fell in October last year, when manufacturing units across major jewellery centres observed their customary festive shutdowns. This year, with Diwali falling in November, October provided a longer operational window for manufacturers and exporters to complete production and dispatch orders ahead of the international holiday season.

Commenting on the export performance, Shri Kirit Bhansali, Chairman, GJEPC, said:

“The 34% growth in gem and jewellery exports in October is an encouraging indicator of the industry’s resilience and its ability to respond to opportunities in international markets. The strong performance comes at an important time, as global retailers and buyers prepare for the year-end holiday season, which traditionally drives significant demand for jewellery across major markets.

“On a cumulative basis, the 7.28% growth in exports during April–October is encouraging. It is particularly heartening to see exports to the US market register 14.87% growth during this period. We have witnessed consistent growth over the past three months, and if the current momentum continues without any major disruptions, we are optimistic about achieving 10% growth in exports by the end of FY 2026–27.”

“Cut and polished diamond exports have returned to positive growth, registering a 10.50% increase in October. This is an encouraging indication that momentum is gradually returning to the global diamond trade. Industry feedback points to improved trading activity, stronger order flows and renewed buying interest across key markets, while polished diamond prices have also shown signs of firming in recent months.

“On a cumulative basis, cut and polished diamond exports during April–October declined 4.50% in US dollar terms, although the pace of decline has moderated, with greater stability in polished diamond prices offering an encouraging sign for the segment.

“Gold jewellery has been a particularly strong contributor, with exports growing 48.20% in October and studded gold jewellery registering an impressive 67.30% growth. This performance reflects the combined impact of higher international gold prices and sustained demand for Indian-made jewellery in key global markets. While rising gold prices have contributed to higher export values, the growth also points to continued business activity and buyer interest.

“Silver jewellery exports grew 28.98% during April–October, reflecting sustained international demand. While higher silver prices have boosted export values, they have also increased raw material and working capital costs, making buyers more cautious about order quantities. Manufacturers are responding with lightweight designs and value engineering. India’s strengths in design, craftsmanship and manufacturing continue to support the segment’s competitiveness.”

“The international holiday season presents an important opportunity for Indian exporters. Our industry has been actively engaging with global buyers, developing new collections and strengthening its market presence. With improving trade access through India’s Free Trade Agreements and continued efforts towards market diversification, we remain optimistic about the sector’s export prospects in the months ahead.

“Monthly export figures also reflect the timing of production cycles, festive holidays and shipment schedules across manufacturing centres. As the industry moves through the Diwali period, we will continue to engage with exporters to assess market demand and the evolving export outlook.”

October 2026

Cut & Polished Diamonds exports increased 10.50% in US dollar terms and 19.26% in rupee terms to US$ 1.13 billion (Rs. 10,817.54 crore).
Gold Jewellery (Plain & Studded) exports increased 48.20% in US dollar terms and 60.07% in rupee terms to US$ 1.26 billion (Rs. 12,017.78 crore), compared to US$ 848.95 million in October 2025.
Plain Gold Jewellery exports grew 17.54% in US dollar terms and 26.98% in rupee terms to US$ 383.11 million (Rs. 3,660.92 crore).
Studded Gold Jewellery exports surged 67.30% in US dollar terms and 80.69% in rupee terms to US$ 875.02 million (Rs. 8,356.85 crore).
Silver Jewellery exports surged 55.52% in US dollar terms and 68.16% in rupee terms to US$ 203.83 million (Rs. 1,948.11 crore), compared to US$ 131.07 million in October 2025.
Polished Lab-Grown Diamonds exports registered an impressive growth of 81.02% in US dollar terms and 95.52% in rupee terms to US$ 170.46 million (Rs. 1,627.94 crore).
Coloured Gemstones exports increased 71.46% in US dollar terms and 85.19% in rupee terms to US$ 27.07 million (Rs. 258.54 crore), compared to US$ 15.79 million in October 2025.
Platinum Jewellery exports grew 23.85% in US dollar terms and 33.86% in rupee terms to US$ 26.80 million (Rs. 255.97 crore), compared to US$ 21.64 million in October 2025.

April–October 2026

Cut & Polished Diamonds exports stood at US$ 6.95 billion, registering a decline of 4.50% in US dollar terms, while increasing 4.74% in rupee terms to (Rs. 66153.71 crores). Among the key markets, Belgium (29.07% to US$ 809.36 million), Canada (319% to US$ 225.30 million), the UK (20.56% to US$ 110.96 million) and Mexico (48.05% to US$ 63.71 million) recorded strong growth. However, declines in the UAE (12.26% to US$ 1.33 billion) and USA (29.92% to US$ 922.55 million) weighed on overall performance.
Gold Jewellery (Plain & Studded) exports increased 16.28% in US dollar terms and 27.81% in rupee terms to US$ 7.49 billion (Rs. 71314.72 crores). Growth was supported by strong demand from the USA (56.31% to US$ 2.03 billion), Hong Kong (132.71% to US$ 500.47 million), Singapore (25.67% to US$ 366.99 million), and the UK (38.18% to US$ 261.83 million).
Plain Gold Jewellery exports stood at US$ 2.92 billion, registering a decline of 5.96% in US dollar terms, while recording growth of 3.49% in rupee terms.
Studded Gold Jewellery exports registered strong growth of 36.98% in US dollar terms and 50.40% in rupee terms to US$ 4.57 billion (Rs. 43504.23 crores). The USA (60.51% to US$ 1.82 billion) and Hong Kong (150.46% to US$ 458.12 million) were major contributors, while Singapore (52.28% to US$ 85.09 million), the UK (25.12% to US$ 160.73 million) and Germany (21.88% to US$ 49.76 million) also recorded healthy growth.
Silver Jewellery exports grew 28.98% in US dollar terms and 40.57% in rupee terms to US$ 933.15 million (Rs. 8857.01 crores). Growth was led by Hong Kong (24.61% to US$ 492.45 million), the USA (51.28% to US$ 231.65 million) and Thailand (103.61% to US$ 45.29 million), with the UK (11.88% to US$ 47.90 million) and Australia (26.74% to US$ 15 million) also contributing positively.
Polished Lab-Grown Diamonds exports increased 25.95% in US dollar terms and 38.27% in rupee terms to US$ 855.56 million (Rs. 8150.09 crores). Hong Kong (114.72% to US$ 426.36 million) was the key growth driver, while Canada (301.07% to US$ 26.59 million), Thailand (96.22% to US$ 29.09 million), Israel (38.87% to US$ 29.35 million), Belgium (41.73% to US$ 23.08 million) and Russia (3,091.64% to US$ 12.76 million) also recorded significant increases.
Coloured Gemstones exports registered growth of 0.91% in US dollar terms and 10.45% in rupee terms to US$ 254.62 million (Rs. 2421.76 crores). Growth was supported by Thailand (14.40% to US$ 77.22 million), the USA (17.97% to US$ 28.38 million), the UAE (47.65% to US$ 14.53 million) and Italy (19.14% to US$ 11.27 million), despite a decline in exports to Hong Kong (13.40% to US$ 78.28 million).
Platinum Jewellery exports grew 17.12% in US dollar terms and 28.34% in rupee terms to US$ 150.09 million (Rs. 1428.72 crores).

The performance across product categories highlights the growing contribution of value-added jewellery segments to India’s export basket. In particular, the sustained growth in studded gold jewellery, silver jewellery and polished lab-grown diamonds is helping support the sector’s overall export performance.