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# Rings get lighter, receipts get heavier: what is happening to the gold jewelry market
- URL: https://economist.kg/en/rings-get-lighter-receipts-heavier-gold-jewelry-market/
- Published: 2026-11-08T17:27:23.000Z
- Updated: 2026-11-08T17:27:23.000Z
- Description: Global gold jewelry demand dropped 17% year-on-year to 312.9 tonnes in Q3 2026, while rising 2% in value terms to $43 billion. High prices continue to drive total spending higher.
- Author: Александр Канунников
- Tags: Экономика, #en

**Global demand for gold jewelry in the third quarter of 2026 fell by 17% year-on-year to 312.9 tonnes. However, in value terms, it rose by 2% to reach $43 billion. Consumers are purchasing less gold, but due to high prices, total spending on jewelry continues to grow.**

According to [data](https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q3-2026?ref=economist.kg) from the World Gold Council (WGC), jewelry gold consumption has been declining year-on-year for **13 consecutive quarters**. The third-quarter figure was the lowest for the period in the organization's records, which date back to 2000.

> Between January and September, global demand for jewelry gold totaled **889 tonnes**, down **19%** from the same period in 2025\. However, in value terms, the market grew by **15% to nearly $130 billion**.

The main reason for the decline in physical demand remains the high price of gold. The average price of the metal based on the LBMA Gold Price PM benchmark reached **$4,262.2 per troy ounce** in the third quarter, up **23%** year-on-year. As a result, consumers in many countries have turned to lighter jewelry, lower-karat items, and more compact designs.

> Demand fell most sharply in China and India, the two largest markets for gold jewelry. In China, consumption plunged by **22% to 65.7 tonnes**, while in India it dropped by **20% to 99.9 tonnes**.

However, metal prices were not the only factor. In China, sales were also affected by slowing economic growth, real estate market woes, and additional tax burdens on jewelry compared to investment gold. In India, demand was dampened by the deferral of some festive purchases to the fourth quarter and concerns over rural incomes due to insufficient monsoon rainfall.

> At the same time, spending trends differed noticeably from physical volumes. In India, jewelry gold demand fell by **18% to 241 tonnes** over the nine-month period, but its value rose by **19% to $38 billion**. In China, the value of demand in the third quarter dropped by 4% to $9 billion, although for January–September it grew by 6% to nearly $30 billion.

🧭

High prices are altering not only consumer preferences, but also the offerings of jewelry retailers. The WGC report notes the growing popularity of ****lightweight jewelry featuring gemstones and enamel**, as well as pieces with lower gold content.  
  
For example, Indian retailers have more aggressively promoted diamond jewelry made with ****18-, 14-, and 9-karat gold**. Such product lines allow retailers to reduce the use of precious metal while maintaining profit margins.

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