WGC: Global Gold Jewellery Demand Slumped in 2022

SEATTLE (Scrap Monster): The lobal gold jewellery demand softened slightly during the previous year, said the Full Year 2022 Gold Demand Trends Report published by the World Gold Council (WGC).

The total annual jewellery demand recorded modest decline by 3%, falling from 2,147.7 tonnes in 2021 to 2,086.2 tonnes in 2022. The dip in demand was mainly on account of steep declines in Chinese demand during the year. The year saw demand almost returning to the pre-Covid demand levels. However, the global demand in Q4 last year fell significantly by 13% over the year before.

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The Chinese gold jewellery demand posted notable decline by 15% to 571 tonnes in 2022, weighed by recurrent lockdowns across major Chinese cities due to intermittent spike in Covid-19 infections and rise in gold prices during the year. The Q4 2022 demand totalled 127 tonnes, falling by 28% over the previous year, to hit the lowest Q4 demand level since 2009, WGC report said.

The Indian gold jewellery demand declined by 2% during the previous year to 600 tonnes. Meantime, the Q4 demand fell 17% year-on-year. The U.S. jewellery demand was healthy at 144 tonnes, despite 4% year-on-year decline. Also, European jewellery demand gained 4% to hit 71 tonnes in 2022.