Gold prices have dropped in the last few years, raising cheers of hallelujah among retailers and manufacturers, but a weakening Canadian dollar may have some saying their prayers for a good year.
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Economic pressures from beyond the borders of the jewellery business created the cash-for-gold market—and they’re keeping it going, too.
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Consumers in China and India helped drive demand for gold jewellery up in 2010, reaching a 10-year high in tonnage.
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India and China are leading the way in overall growth in demand for gold, says the World Gold Council (WGC).
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Investment demand for gold rose 46 per cent in the second quarter of 2009, while overall demand dipped nine per cent due to rising prices and the global recession, said the World Gold Council (WGC).
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India’s gem and jewellery exports grew by 1.45 per cent in fiscal 2009, driven primarily by a 23.64 per cent increase in its gold jewellery sector.
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Gold jewellery fabrication fell 11 per cent in 2008, fuelled mainly by a 69 per cent decline in India, Italy, Turkey, and the United States, says a precious metals consultancy.
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Women would rather buy gold jewellery than splurge on a nice meal or a day at the spa.
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Gold demand in China and Russia continue to rise, while poor economic conditions in the United States are causing consumers to shy away from the precious metal.
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India leads the pack in demand for gold used for jewellery fabrication, but China is quickly catching up and overtaking Turkey and Italy for second place.
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