6-2-2018
Jewellery consumption climbed 4 percent to 2,135 tons, according to World Gold Council, released today, which is a huge turnaround from a 6.7 percent slump in demand in 2016 and the first growth after five years.
China’s year-on-year (yoy) demand for jewellery increased 3 percent to a two year high of 649 tons and its first increase since 2013. Chow Tai Seng which partners with Tmall, Alibaba’s ecommerce platform saw its sales up 70% year-on-year on ‘Singles Day’ to more than US$12 million.
Indian jewellery demand rose 12 percent and reached 563 tons after a weak 2016, result in the strongest fourth quarter since the WGC data compilation in 2000. The demand was supported by festival demand, absence of Prevention of Money Laundering Act 2002 (the PML Act), an anti-money laundering regulation from jewellery and a positive rural sentiment.
With an encouraging economic environment, the jewellery demand of United States has been recovering with a 3 percent growth to 122 tons but still a long way from the previous level of 145 tons in 2010.
Other Asian markets were weaker in 2017, apart from Vietnam, which reached a 7 percent increase to 16 tons.
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