SEATTLE (Scrap Monster): The World Gold Council (WGC), in partnership with China Gold News, announced publication of the 2023 edition of its annual Chinese jewellery market insights.
According to the report, jewellery retailers in the country have expressed mixed feelings so far this year. Following the end of the Covid-19 pandemic, market participants had shared strong market expectations. However, the recovery has been bumpy. Meantime, gold jewellery demand in China has improved in 2023, when compared with the previous year. The Chinese gold jewellery consumption surged higher by 17% over the previous year during the initial half of 2023.
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The jewellery sales, which had peaked during the International Women’s Day in March, fell afterwards. The Q2 sales plummeted by 37%, mainly due to slower economic recovery, record high RMB gold price and seasonality factors.
The survey conducted among 538 market participants from 76 cities indicate that gold continued to dominate Chinese jewellery retailer inventories. Gold products accounted for nearly 67% of inventories in H1 this year, significantly higher from the share of 52% in H1 2022. Going forward, retailers see further dominance of gold in their inventories, WGC noted.
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