World Gold Jewellery Demand Surged 52% in 2021

SEATTLE (Scrap Monster): The annual gold jewellery consumption rebounded to pre-pandemic levels in 2021, said the latest Gold Demand Trends Report published by the World Gold Council (WGC).

The consumption surged higher by 52% during the year, fully recovering the losses recorded in 2020. The demand by consumers reached 2,124t, compared with 1,401t in 2020. In value terms, the demand reached $123 billion. The demand was boosted by exceptional Q4, which saw demand surge higher by 40% over Q4 2020. Although India was the key driver of demand in Q4, jewellery demand in markets across the globe remained strong.

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Indian jewellery consumption totalled 610.9t in 2021 to hit six-year high, significantly higher by 93% compared with the previous year. The Q4 demand hit new record of 265t, mainly boosted by release of pent-up demand. The continued improvement in consumer confidence and income levels are likely to lend support to jewellery demand in the country in 2022 as well.

Meantime, Chinese annual consumption surged higher by 63% from 413.8t in 2020 to 674.6t in 2021. The U.S. jewellery demand, at 149t, was the strongest in 12 years. The demand in Europe continued, but fall short of pre-pandemic levels.