SEATTLE (Scrap Monster): The Chinese gold jewellery demand totalled 338 tonnes in the initial six-month period of the current year. This is 122% higher, compared to the corresponding period last year. The demand was boosted by strong economic growth, relatively stable gold prices and effective containment of the pandemic, said the latest market insights report published by the World Gold Council (WGC).
Based on a survey conducted among 542 local jewellery retailers across China, WGC concluded that gold products maintained their dominance in the country’s jewellery market. The country witnessed huge popularity for heritage gold jewellery products, with retailers placing high hopes on young consumers.
WGC predicts that retailers are increasingly turning towards private traffic and social media channels as the primary marketing focus. It also suggests return of transparency into the market.
The Council developed a model for drivers in local gold jewellery demand. The model makes use of accurate estimation of in-sample data and projection of out-of-sample values. The model is expected to serve as a useful tool to industry participants as well as audiences who are interested in the country’s gold jewellery demand trends.
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