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Magazine > Industry News > News Content

WGC: Gold jewelry demand down 5 percent for Q2

8/29/2010 3:57:51 PM

New York—Global gold jewelry demand for second-quarter 2010 is down 5 percent over year-earlier levels, according to the World Gold Council's (WGC) most recent Gold Demand Trends report, unveiled on Wednesday.

The report for second-quarter 2010 reveals that global jewelry demand fell to 408.7 tonnes, yet increased in U.S. value terms by 23 percent, rising from $12.8 billion in quarter-two 2009 to $15.7 billion in quarter-two 2010. In addition, the WGC said, the 5 percent drop in tonnage was the smallest decline in gold jewelry's four-consecutive-quarter performance since the first quarter of 2008. The WGC said that this indicates a deceleration in the pace of decline in global jewelry demand. In the face of surging prices, the WGC added that demand was "robust" overall for the second quarter, and it predicts that demand for gold in general will remain so during 2010.

According to the report, demand for gold for the remainder of 2010 will be underpinned by a handful of market forces, including substantial retail investment in Europe and growing electronics demand in the United States and Japan, with the jewelry market in particular expected to experience an overall thrust in demand stemming from India and China.

"Over the past quarter, demand for gold jewelry in key Asian markets has been challenged by rising local prices," the WGC's Marcus Grubb, managing director, investment, said in a media release. "Nevertheless, we are seeing a deceleration in the pace of decline in demand, providing a strong outlook for ongoing recovery in this crucial market segment."

Gold jewelry demand in India, the largest jewelry market, changed little from year-earlier levels, the WGC said, down 2 percent at 123 tonnes, but translating to a 20 percent increase in local currency terms.

China, meanwhile, saw demand for gold jewelry increase by 5 percent to 75.4 tonnes. In terms of local currency value, this would translate to a 35 percent increase in demand growth. Over the longer term, demand for gold in China is expected to grow considerably, the WGC predicts.

In the United States, gold jewelry demand edged down to 26.1 tonnes from 27.5 tonnes in the year-earlier period, but increased in value terms by 23 percent. The WGC said this demonstrates that consumer interest in the intrinsic value of gold is translating into increased spending on gold jewelry. Yet, consumers do remain cautious given record gold prices and silver and gold-plated items during second-quarter 2010 did take an increasing share of demand at the lower end of the market.

Overall, total gold demand in the second-quarter 2010 rose by 1,050 tonnes, the report shows, with the increase largely reflecting strong gold investment demand, the strongest performing segment for gold during the second quarter. Investment demand posted an increase of 118 percent to 534.4 tonnes compared to second-quarter 2009's 245.4 tonnes.

"While many investors turned to gold as a flight to quality in response to the uncertain financial environment, this interest has proved resilient even though a sense of optimism has started to return to some sectors of the investment community," Grubb said.

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