Gold Jewelry Demand Set to Plunge as Precious Metal Prices Soar
Global demand for gold jewelry has been steadily declining in recent years, and its share of total gold demand has fallen accordingly. According to Metals Focus, by 2026, global gold jewelry consumption will be more than one-third lower than in 2023, reaching its lowest level since the onset of the COVID-19 pandemic.
The persistently high prices of precious metals have undoubtedly elevated the perceived value of precious metal jewelry and boosted related revenue growth. However, this same price strength has also weighed on demand for jewelry measured by pure metal weight.
While gold jewelry consumption has declined, its value continues to rise. This divergence is significant: consumers may still be spending substantial sums on gold jewelry, signaling strong demand, yet record-high gold prices mean that each purchase yields less gold by weight.