Rapaport News



Rapaport Broadcast
Rapaport Illustrates the Importance of 'The Last 18 Inches'
July 01 2014 95:08

Advanced search
Latest Articles
Rough Markets
Polished Markets

Gold Jewelry Demand +34% to $21B in 2Q

Aug 18, 2011 3:21 PM   By Ricci Dipshan
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... The World Gold Council expressed optimism regarding future demand for gold, following a 5 percent year-on-year increase in demand by value during the second quarter of 2011. In terms of volume, demand was down 17 percent from the same period in 2010, but at 919.8 tons — priced at approximately $44.5 billion — this demand also culminated in the second-highest quarterly value on record.

Year-on-year global demand for gold jewelry rose 6 percent in terms of volume to 2,016.7 tonnes, while rising 34 percent in terms of value to $21.14 billion.

The group’s “Gold Demand Trends – Second Quarter 2011” report, released today, credited gold’s strong demand in part to robust Chinese and Indian demand, which accounted for 55 percent of global jewelry demand. Year-on-year consumer demand grew 38 percent in China and 25 percent in India.

Other factors influencing gold’s strong demand included the impact of the European sovereign debt crisis, the downgrading of U.S. debt, inflationary pressures and the still-fragile outlook for economic growth in Western countries.

Gold jewelry demand, by weight, rose across most of Asia, increasing 16 percent in China, 17 percent in India and 38 percent in Hong Kong, but it fell 14 percent in Japan. The Middle East also experienced a 9 percent slowdown in demand, while Saudi Arabia registered a drop of 16 percent. Demand was similarly lower in European nations, as U.K. demand fell 16 percent and Italy dropped 15 percent. U.S. demand fell by 8 percent.

By value, gold jewelry demand was up across the board, due in part to record prices, although it was weakest for the U.K. increasing only 5 percent. In Saudi Arabia, gold jewelry growth was 6 percent, while Italy recorded a 7 percent increase and in Japan, growth totaled 8 percent. Jewelry demand by value was strong in Hong Kong, up 73 percent, and in India and China, the rate of growth was 47 percent. Turkey's gold jewelry demand rose 35 percent, while in Vietnam, the figure was 33 percent. Demand also rose 15 percent in both the U.S. and the Middle East.
Second-quarter supplies of gold remained steady against the same quarter of 2010, while mine production rose 7 percent year on year to 708.8 tonnes.
Email Email Print Print Facebook Facebook Twitter Twitter Share Share
Tags: China, Gold Demand Trends - Second Quarter 2011, Hong Kong, India, Japan, middle east, Ricci Dipshan, Saudia Arabia, Turkey, u.k., u.s., UK, US, Vietnam, World Gold Council
Similar Articles
Similar Videos
Important Security Tips From Jewelers Security Alliance
Sep 09, 2013
As the U.S. retail and wholesale trades enter the final...
certification jewelry sales retail sales
The Rapaport Certification... Jewelry Store Sales... Online Retail Sales...
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Terms and Conditions   RapNet Trading Rules & Code of Conduct    Privacy Policy  
All Content © Copyright 1982-2015 by Martin Rapaport. All rights reserved.  
twitter twitter
About Rapaport
Advertise with us

Why RapNet? Why join Rapnet? RapNet for Buyers RapNet for Sellers Connecting on RapNet Pricing with RapNet RapNet Features Products and Services Rapaport Price List Rapaport Magazine Rapaport Auctions Laboratory Services RapNet Instant Inventory Features Rapnet Customized Search Engine TradeScreen™ Price Research RapNet Excel® Add-In for Microsoft ® RapNet TradeLink® Buy Requests New Certs Program Rapaport Diamond Price Calculator Member Directory + Ratings System Programs to Connect to RapNet Data Rapaport Weekly Report Rapaport News Global customer Support Exhibitors Directory and Diamond Search Service About and News About Rapaport Events Market Reports Join RapNet Trading Wholesale Diamonds Buying Diamonds Certified Diamonds Diamond Prices Diamond Pricing Diamond Trade Diamond Trading Diamonds For Sale Sell Diamonds Contact Customer Service Contact Regional Offices Contact a representative