Demand for Gold Jewelry

According to the World Gold Council, global demand for gold jewelry from early January to late March was around 300 tons – the lowest level since the second quarter of 2020. In terms of value, however, it amounted to 47 billion U.S. dollars. This represents a year-over-year increase of 31 percent. Never before has so much been spent on gold jewelry in a first quarter. In China, gold jewelry sales fell by about 32 percent compared to the previous year, as gold was expensive and a change in the value-added tax on gold jewelry introduced at the end of 2025 acted as a brake. However, the Chinese spent 16 percent more on the precious metal, a sign of confidence in gold.

In India, too, record-high gold prices weighed on gold jewelry sales in the first quarter. After all, consumers had to pay about 81 percent more. In terms of value, however, this quarter set a record. A similar trend was observed in Turkey and the Middle East – at least in part, until the outbreak of war. More affordable and lighter jewelry was particularly in demand. Perhaps some jewelry buyers have also switched to bars or coins, as the markups there are not as high. Loans to private individuals secured by gold jewelry saw a 124 percent increase compared to the same period last year.

In the U.S., demand fell, and in Europe as well, the global trend—lower purchase volumes but an increase in value – was evident. The figures show that the trend is toward gold. In 2025, total gold demand increased for the fifth consecutive year (including OTC transactions). In the current year as well, investments, central bank purchases, inflows into gold ETFs, and strong interest in coins and bars are expected to bolster the gold price.

Gold X2 Mining – https://www.commodity-tv.com/ondemand/companies/profil/gold-x2-mining-inc/ – owns the advanced Moss Gold Project (gold, silver, copper) in Ontario. Wholly owned, the project is equipped with top-notch infrastructure and is once again delivering excellent drill results. Additionally, Gold X2 Mining has acquired Kesselrun Resources, thereby expanding the Huronian Gold Project and, consequently, the land package of the Moss Project.

Fury Gold Mines, – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ – which is well-financed, holds a gold and mineral exploration portfolio totaling over 157,000 hectares in Québec. The company also owns 11.3 million common shares of Dolly Varden Silver Corp. In 2025, the company drilled a total of more than 18,000 meters on its projects. Encouraging drill results were recently reported from the Eau Claire project (for example, 11.74 grams of gold per ton of rock over 6.63 meters).

Current company information and press releases from Gold X2 Mining (- https://www.resource-capital.ch/en/companies/gold-x2-mining-inc/ -) and Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -).

Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: Gold X2 Mining, Fury Gold Mines,

https://www.gold.org/goldhub/research/gold-market-commentary-march-2026;

https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026/jewellery;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

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