China reported lacklustre jewellery sales in July, reflecting weak consumer sentiment amid volatile gold prices.

Data from the National Statistics Bureau of China showed that retail sales of gold, silver and jewellery fell 10.1 per cent year on year in July compared to a decrease of 3.4 per cent in June.

Jewellery sales from January to July reached RMB212.3 billion (around US$31.63 billion), up 0.7 per cent year on year, but growth continued to decelerate from the 1.9 per cent increase recorded in the first half.

This mirrors findings from the World Gold Council’s latest Gold Demand Trends report, which revealed that jewellery demand in China in the second quarter of 2026 fell to its lowest second-quarter level since 2004.

Jewellery sales in July, however, contradicted the wider consumption picture. China’s total retail sales of consumer goods rose 1.2 per cent year on year to RMB28.77 trillion (around US$4.29 trillion) from January to July this year.

“Overall, the national economy remained broadly stable in the first seven months of the year,” the government commented, noting that the external environment remains complex and volatile, and that the domestic imbalance between robust supply and soft demand persists.