Jewellery demand stays under pressure in 2025
Global jewellery demand faces a subdued outlook in 2025 Recently World Gold Council analysed jewellery demand in the recently published Gold Demand Trends for 2Q 2025. Jewellery retailers in China are likely to face an equally glum H2. One silver lining perhaps is that platinum is unlikely to offer much of a challenge, given the sensitivity to its strong price rise. Another is that high savings rates might offer some capacity to buy in H2, but probably needs stimulus and a brighter outlook for 2026 and beyond. In India, the economy is still vibrant but is expected to soften a little in H2. Combined with high prices, jewellery demand will likely remain subdued as consumers are anecdotally adapting less quickly to high prices than they have historically. This theme is likely echoed in other regions. Flat or lower prices won't elicit the same response one might see in an environment where disposable income is solid. Thus, our expec...