Gold jewellery continues to be an important component of major jewellery markets around the globe despite recent headwinds, thanks to its inherent beauty, cultural significance and enduring value.
In China, gold jewellery is at the centre of traditional Chinese weddings as it symbolises wealth and prosperity. Beyond weddings however, gold is favoured as gifts during childbirth and other festivities such as Chinese New Year, National Day Holiday and the Mid-Autumn Festival.
Traditionally, these events see robust sales of jewellery pieces as gifts and ornaments.
India is another important market for gold. According to the World Gold Council (WGC), gold has a central role in the country’s culture and is considered a store of value, a symbol of wealth and status, and a fundamental part of many rituals.
A growing affluence in the country also plays a crucial role in gold’s rising prominence in India.
Like China, gold is also central to celebrating life events in India. Gifting gold is a deeply ingrained part of marriage rituals in Indian society – weddings generate approximately 50 per cent of annual gold demand.
Gold jewellery in modern designs meanwhile are likely to gain further steam in the US market – the third largest gold jewellery market in the world.
A recent WGC study said nine in 10 women in the US would consider buying gold, which indicates substantial headroom for growth. They however find it difficult to find gold jewellery that they like or suits their style – highlighting the need for greater variety in gold jewellery designs to appeal to a wider range of tastes.