SEATTLE (Scrap Monster): The Gold Demand Trends Q3 2021 report published by the World Gold Council (WGC) hints at ongoing recovery in jewellery demand during third quarter this year. However, the demand is yet to regain the levels before the Covid-19 pandemic.
The global jewellery demand during the quarter totalled 442.6 tonnes in Q3 this year, significantly higher by 33% from 332.9 tonnes during the prior year quarter. Although western markets too were part of demand recovery, the main centres of growth continued to be China, India and the Middle East region countries. The cumulative gold jewellery demand in the first three quarters of the year is almost higher by 50% from the comparable period a year before.
The Chinese gold jewellery demand surged higher by 32% over the previous year to total 157 tonnes in Q3 2021. Heritage gold jewellery items continued to gain popularity in the country. The year-to-date demand has already exceeded full-year 2020 levels. WGC shared cautiously optimistic outlook about gold jewellery demand in the country in the coming months.
The robust demand, rebound in economic activity and lower gold prices boosted gold jewellery demand in India by almost 58% year-on-year to 96.2 tonnes. The Turkish jewellery demand surged 41%, in comparison with Q3 last year. The markets across the Middle East region witnessed year-on-year growth in demand.