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About 125 tonnes of gold was withdrawn from the Shanghai Gold Exchange (SGE) in January 2025.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
International News
Oroarezzo 2026, with Italian Exhibition Group, Manufacturing Explores New Markets
International focus, evolving export geographies and a high-level global congress to shape new tools and strategies for Italian gold and jewellery companies from 9–12 May in Arezzo.
Quality business for foreign markets and high-level tools for companies will be the two key levers at the next edition of Italian Exhibition Group’s Oroarezzo event, scheduled to take place from 9th to 12th May at Arezzo Fiere e Congressi.
Between 2024 and 2025, the weight of the main Italian gold and jewelry export markets was redistributed in favor of the European Union, the United Arab Emirates and Switzerland, with the United States substantially holding up. Demand from Turkey halved, even though it was still the top destination for Made in Italy products.
IEG, together with the Italian Trade Agency (ITA), is amassing a delegation of hosted buyers for the jewelry manufacturing markets of interest that will exceed the one-to-one buyer/exhibitor ratio.

A key new feature at the upcoming edition will be the first international congress in Arezzo, to be held on Monday 11th, entitled “Global markets, geopolitical scenarios and concrete tools for business growth”. The event will focus on the prospects opened by the free trade agreement between the European Union and India, as well as on France and Switzerland — homes of the big brands — supply chains between the United States and Canada, and the opportunities of the African continent.
EXPORTS HAVE CHANGED, NOW BUSINESS AND TOOLS FOR COMPANIES
“Markets change, but interest in Italian gold and jewelry does not fade. Therefore, together with the Italian Trade Agency, we are working on compiling a high-profile delegation with the utmost attention to foreign markets that are still important for Arezzo manufacturing, like the United States, and to those, albeit a minority, that are livelier, such as Poland, Canada or China.
A collective effort which we are keeping associations, such as the national Federorafi, updated on through the Goldsmith Council, as well as local institutions, from the Municipality to the Chamber of Commerce and the Province, because Oroarezzo’s growth is a strategic IEG priority.
Our job, however, does not end with the encounter between market supply and demand. IEG is convinced that companies must also face current challenges with enabling experiences, such as data sharing and analysis. Which translates into a high-profile international conference. It is not the time to wait for change, we must build it together,” said Matteo Farsura, Head of IEG’s jewelry trade shows.
THE INCOMING STRATEGY
At last year’s edition, Oroarezzo saw the participation of over 370 exhibitors and around 400 hosted buyers thanks to the collaboration program with ITA.
For the coming edition, Italian Exhibition Group is working to exceed this proportion, with a predominant share of buyers operating in the US and UAE markets. IEG and ITA will also strengthen European representation and adopt a targeted approach to the Asian market, particularly Japan and China.
New markets in the Mercosur area will include Brazil, Mexico and Panama. Guests will be welcomed with a networking aperitif at the Fraternita dei Laici building on the opening day, along with curated experiences designed to highlight the city and its cultural heritage.
VALUE CHAINS, TARIFFS AND FREE TRADE: THE INTERNATIONAL CONGRESS
The first international conference will provide strategic insight into key areas for Italian gold and jewelry manufacturing exports. The initiative is a joint decision between IEG and the national Federorafi Confindustria to equip the Arezzo district with effective tools to interpret global scenarios and emerging opportunities.
The program will begin with an analysis of the medium- and long-term prospects resulting from free trade agreements currently being ratified between the European Union and the Mercosur area for the Italian gold and jewelry industry.
It will then examine the opportunities offered by India following the signing of the trade treaty with Brussels in New Delhi on 27th January for the progressive elimination of customs duties.
Further themes will include the decision-making centers of major jewelry brands between France and Switzerland, the reorganization of supply chains between the United States and Canada, and the opportunities presented by Africa as an initial commercial entry point for the gold and jewelry sector.
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