Jewelry alone continues to glitter in gold downtrend

Gold consumption in China reached 523.54 metric tons during the first half of 2019, down 3.27 percent year-on-year, against the backdrop of China closing down outdated production facilities and optimizing its industrial structure, according to the China Gold Association.

Consumption in the form of gold bars fell 17.29 percent year-on-year to 110.51 tons during the first half this year, while consumption in the gold coins segment dropped 29.27 percent year-on-year to 2.9 tons. And gold for industrial purposes fell 0.6 percent year-on-year to 51.36 tons, it said, adding that the softening demand for gold in China is partly due to the increasing gold prices.

However, demand for domestic gold jewelry has been driving the global gold industry for a long time. Consumption in the jewelry sector increased steadily to reach 358.77 tons in the first six months, up around 1.97 percent year-on-year, boosted by better designs, varieties, and higher added value.