In quantitative terms, demand for gold jewelry fell by 30 % % to 509.6 tons. In general, the demand for gold for the reporting quarter showed a 24% drop to $ 39.92 billion in value terms and 16% to 1,063 tons by weight, the World Gold Council reported, Rapaport reports.
WGC explained that a sharp decline in jewelry demand for gold was predictable due to very high demand for the comparable period last year. The weakening demand for gold products was noted in the countries of Asia and the Middle East, while in the western markets there was a slight improvement in demand.
In China, consumers began to be wary of buying gold jewelry after a surge in activity in 2013. In terms of value, the demand for gold jewelry fell by 50% to $ 6.4 billion for the reporting quarter, but it should be borne in mind that a year earlier demand grew by 48% compared to the same period last year. WGC notes that Chinese demand simply returned to normal levels.
The demand for gold jewelry in India in the second quarter decreased by 25% to $ 6.4 billion. The WGC said that the flow of contraband gold to India continues, and during the first half of the year profits from such trade increased. With the advent of the Diwali season, further market revival and the activation of gold supplies from the black market are expected.
In the Middle East, demand for gold jewelry fell by 31% to $ 1.9 billion, and in the US - rose by 5% to $ 1.1 billion.
Consumers in the United Kingdom pushed demand for gold jewelry by 10% in the second quarter, and following the results Half of the year demand jumped by 25%.
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