Gold jewelry accounted for the largest share of the jewelry products as it is the most used metal in global jewelry production. Consumers who bought gold are usually influenced by social and cultural factors, local markets, and traditions. At present, consumers are looking for products beyond traditional designs. Minimalistic styles, geometric motifs, customized jewelry parts, and different cultural influences are gaining notable popularity.

Global Gold Jewelry Market Overview 2025

In 2025, the global gold jewelry market is poised for a substantial upturn, despite gold jewelry price tendency to increase due to gold price hikes. Analysts predict that the price of gold in 2025 may reach USD 3,500 per ounce, depending on the global economic and political factors. However, gold consumption will not decrease much as there will be more purchasing power and growth in consumers’ spending on luxury goods. Moreover, gold significance in Chinese and Indian cultures will boost global gold jewelry market growth. Verified Market Research has forecasted that gold jewelry demand, which was over USD 353,260 million in 2024, will reach USD 510.11 billion in 2031.

India

India is the world’s largest gold jewelry consumer with annual gold consumption of around 600-700 tons. Domestic gold jewelry consumption is expected to grow continually with a likeliness to increase by 14-18% in 2025 amidst gold price fluctuation and growing consumer confidence and demand during major festivals such as Diwali and Akshaya Tritiya as well as weddings ceremony when one high demand for gold jewelry. In addition, gold is regarded as a stable asset with cultural value. Most of Indian women perceive owning gold jewelry as wealth accumulation and expression of status. These factors will drive gold jewelry market in India to expand further.

Indian consumers are leaning toward luxury jewelry and jewelry that combines traditions with modernity. Meanwhile, customized jewelry is gaining popularity. Furthermore, sustainable and ethical jewelry production is shaping directions of Indian market as consumers opt for sustainable jewelry to ensure a long-term growth. However, gold jewelry demand in India may face short-term pressure due to relatively high fluctuation in gold prices. Nevertheless, investment demand is expected to remain a factor supporting gold jewelry demand.

Source: https://nikitajewels.com/

 China   

        China is the world’s second largest gold consumer in 2024. Demand for gold jewelry in China decreased considerably. In the third quarter, total gold demand declined 22% to 218 tons. Gold jewelry demand dropped 29% to 130 tons, compared to the same period of the previous year. The key factor influencing the downturn was the rise of gold price. Thus, consumers put off gold jewelry purchases. Besides, Chinese economy sluggish also inflicted people’s purchasing power. Therefore, sales of jewelry shops in China constantly decreased.

        The World Gold Council expects that in 2025 gold jewelry demand will weaken around 3% after a substantial decline in 2024 as Chinese government has been pushing toward achieving its growth target. Despite the concern that China’s gold jewelry market may be getting close to a saturation point, it is anticipated that investment in gold bullion and coins will remain strong and may increase 8%, compared to last year. It is predicted that the People’s Bank of China (PBoC) may announce additional gold purchases this year.

        Gold jewelry market growth in China is driven by gold’s popularity as the dominant gift for special occasions such as Chinese New Year, weddings, and birthdays as well as the belief that it is a symbol of prosperity and good fortune.

        Gold jewelry styles that are likely to grow well in Chinese market are those resonate with preferences and demands of modern consumers such as jewelry products with simple and modern styles that are appropriate for daily life. Minimalistic and delicate jewelry pieces, for example, necklaces, rings, and bangles with clean designs and gold jewelry embellished with colored stones, diamonds, or pearls for diversity and luxury are suitable for mid- to high-end customers.

United State of America

The US stands among the world’s key gold jewelry markets. Although the country is not the largest consumer, its demand for gold jewelry remains among the tops. Consumers for gold jewelry in the US are those of the middle to high classes with strong purchasing power and consumers who buy gold for investment. White gold and 14k yellow gold is in favor owing to its colors that go well with fashions and its affordable price points compared to 18k or 24k gold products. Demand for gold jewelry will surge during major festivals such as Christmas, Valentine’s Day, and weddings ceremony.

Nowadays, American consumers prefer gold jewelry with modern styles that is practical for daily uses and become increasingly interested in buying gold bullion and coins, particularly when the economy turns unstable. Consumers prioritize gold from sustainable and ethical sourcing. Preference for gold produced from recycled materials and designs that combine gold jewelry with other materials such as diamonds, gemstones, or synthetic gemstones is likely to grow in the future.

According to Statista.com, it is forecasted that the US jewelry market will reach USD 65.08 billion, and the annual growth rate will be at 1.33% during 2025-2029.

Middle East

The Middle East is one of the world’s leading gold jewelry consumers. The countries that are the major market for gold jewelry in the region include Saudi Arabia and the UAE.

Saudi Arabia: 

Referring to Statista, it is predicted that jewelry market in Saudi Arabia will generate USD 670 million in revenue in 2025. Also, it is forecasted that the annual growth rate will be at 3.20% during 2025-2029. There are many factors that affect growth, such as the population having higher purchasing power and social values that like to wear jewelry, increased tourism, and a culture that places importance on giving jewelry as a gift at weddings, engagements, or celebrations of pregnancy, etc.

        Gold is highly significant in Saudi Arabia’s cultures. It is usually associated with social status and wealth. It also plays a major role in weddings or religious events. Giving gold as a gift is considered auspicious. Such cultural association makes gold jewelry the all-time favorite choice with the highest share in the jewelry market. Diamond and gem mounted jewelry products are increasingly in demand as consumers have become more sophisticated and like to own high-end pieces with uniqueness. Moreover, rising tourist inflows in the region also contributes to the growth in the jewelry market.

        Demand for traditional gold and diamond jewelry remain steady, particularly luxurious, sophisticated and intricate designs. However, western fashions have increasingly influenced younger Saudi Arabian consumers that they have shifted to contemporary and simple jewelry inspired by global trends. In 2024, 40% of populations in major cities such as Riyadh and Jeddah embrace more western fashion trends. They increasingly choose jewelry products which combine western styles. The transformation is a result of exposure to more foreign media. In addition, more high-end jewelry retailers from foreign countries have entered the market (such as Chopard, Piaget, Lazurde, Mouawad, and Damas), providing consumers with more options. 

        Customized jewelry has become a leading trend in Saudi Arabian market. In 2024, sales of customized jewelry increased 18%, reflecting the rise in demand for personalized designs. The trend is extremely booming among high-income consumers who seek bespoke jewelry pieces. The trend has consistently grown this year and is likely to continue in the future.

Source: www.ediwfashion.shop

United Arab Emirates:

        The UAE stays among the countries with the highest demand for gold jewelry in the world, despite declining consumption after gold price hikes in 2024. The UAE’s demand for gold jewelry is nearly 40 tons per year. 

In 2024, the UAE’s demand for gold jewelry per consumer stood at the second of the world with 5.07 grams, following Hong Kong with demand per consumer of 5.12 grams owing to the country’s high GDP per capita. Gold’s cultural significance, spending on duty-free products, robust tourism sector, and flourishing retails as well as gold’s status as a safe haven asset significantly boost gold consumption in the market. 

According to Statista.com, it is predicted that the revenue in the UAE jewelry market will reach USD 710 million in 2025 (gold jewelry accounts for the most share in jewelry category). It is also anticipated that the average annual growth rate during 2025-2029 will be around 2.38% and in 2025, and about 74% of sales in the jewelry market will be luxury jewelry.

Consumers in the UAE are likely to increasingly demand customized gold jewelry with exclusive designs. They also started to prefer materials from ethical sourcing. Younger consumers seek light-weight jewelry which can be worn in everyday life and have increasingly shifted from 22k gold jewelry to 18k. 

In the future, it is predicted that the UAE market will grow constantly. Demand for gold for jewelry in weddings and investment in the market will escalate as the economy and tourism industry in the UAE will expand. Moreover, the government plans to launch several economic stimulus initiatives, which will contribute to the country’s economic growth. This will eventually promote its people’s wealth. 

Source: www.khaleejtimes.com

Conclusion

Gold jewelry market growth is supported by several factors, including 1) rising purchasing power and number of middle-classes in potential markets such as China, India, and South East Asian countries has resulted in a substantial growth in gold jewelry as gold jewelry is usually associated with weddings, festivals, and other events. The growing number of middle-class people in the markets creates new customer groups who want fashion and luxury products. Gold jewelry is a luxury product and a financial asset, hence its high popularity; 2) Expansion of e-commerce platforms and local brand development provides easier access for consumers to purchase gold jewelry. Manufacturers adapt gold jewelry designs and weight to fit the demand of new customers; 3) Gold jewelry is not only a piece of jewelry, but it is also considered a safe haven. Consumers in potential countries usually buy gold and gold jewelry for long-term investment.

Competitive products for the current and future gold jewelry market are distinctive jewelry products incorporating technology and craftsmanship of local artisans. The combination can create diverse products. Jewelry companies and brands should prioritize transparency and sustainability, personalized designs, and enrich customers’ experience to create distinction and snatch more share.

Wasana Somnate

The Gem and Jewelry Institute of Thailand (Public Organization)

May 2025