After a weak first half of the year, the gold jewelry market came back to life in July and August as lower prices for the precious metal attracted consumers, according to the World Gold Council.
Global demand for gold jewelry grew 6 percent year-over-year in the third quarter of 2015 to reach 631.9 tons, marking the strongest third quarter for jewelry demand since 2008, according to the “Gold Demand Trends” report for the third quarter of 2015. This compares with a 14 percent decline in gold jewelry demand in the second quarter.
On a year-to-date basis, jewelry demand amounted to 1,750.2 tons, 3 percent behind the same period of last year.
In India, the drop in the price of gold led to a dramatic turnaround in consumer demand for the world’s second-largest consumer of gold jewelry. Year-over-year demand for the third quarter increased 15 percent to 211.1 tons. This compares with a 23 percent decline in the second quarter of 2015.