Gold is considered to be a safe-haven investment, and gold jewelry remains an important part of many cultures, often because of its investment value. Jewelry represents the greatest demand for gold, followed by retail investment (bars and coins), the economic needs of governments (gold reserves), and industrial fabrication. Below, we look at the main consumers of gold jewelry—notably, India and China.
Key Takeaways
- Gold consumption for jewelry by India and China is far greater than that of other countries.
- Jewelry-related gold demand in many countries is driven by traditions, such as wedding rituals.
- Global demand for jewelry dropped by 11% to 1,877.1 tonnes in 2024 due to higher gold prices.
2024 Gold Jewelry Consumption
Below are the 10 countries that had the highest gold jewelry consumption for 2024:
| Rank | Country | Tonnes |
| 1 | India | 563.4 |
| 2 | Greater China (including Mainland, Hong Kong and Taiwan) | 511.4 |
| 3 | United States | 132.1 |
| 4 | Russia | 41.2 |
| 5 | Turkey | 40.9 |
| 6 | Saudi Arabia | 35.0 |
| 7 | UAE | 34.7 |
| 8 | Iran | 26.7 |
| 9 | Egypt | 26.1 |
| 10 | Indonesia | 22.8 |
| Global Total | 1,877.1 |
India and China remain the largest consumers of gold jewelry. Global demand for gold jewelry accounts for about 50% of total demand for the precious metal.
India and China accounted for over 55% of gold jewelry consumption globally. Demand from India alone accounted for more than 30% of global demand.
Although the outlook for gold prices is trending upward going into 2026, experts believe the demand for gold jewelry will show weakness.
More About the Top Two
India
India is the global leader in gold jewelry consumption, where marriages and social occasions are the main reasons for purchases. The country imported a total of 72.6 tonnes of gold in 2024, reaching reserves of 876 tonnes.
Although gold pricesrose by over 25% in 2024, jewelry consumption only dropped in India by 2% on a year-over-year (YOY) basis, partly because of a drop in import duties on gold. Consumers also bought more jewelry in the fourth quarter of the year because of the wedding and festival seasons.
Greater China
Greater China, which includes Mainland China, Hong Kong, and Taiwan, was a close second in gold jewelry consumption. Demand dropped by 24% from 671.9 to 511.4 tonnes. The decrease was largely due to sluggish income growth and higher gold prices, which led to waning consumer confidence.
A slowing Chinese economy and changing consumer trends should keep the country’s gold jewelry market down.
Fast Fact
Although the U.S. was third out of the ten countries with the greatest demand for gold jewelry, it ran well behind India and China. U.S. consumption slowed due to rising gold prices and the higher cost-of-living.
About Turkey
Turkey ranked fifth on the list of countries by jewelry demand with 40.9 tonnes in 2024. That’s a slight decrease (3%) from the 42.2 tonnes of the previous year. Despite the drop, experts say that increased investment opportunities helped keep demand relatively flat. A correction in the precious metal’s price in October pushed demand higher, leading to more consumer spending.
What Market Share of Gold Jewelry Consumption Did India and China Have in 2024?
Gold jewelry consumption by India and China amounted to about 50% of the global jewelry market. That represented a 30% share for India and over 27% for China.
Why Does Gold Have Such Lasting Value?
The value of gold endures because for millennia, people across the globe have believed that it is precious. Beyond that, its value is tied to its beauty and wearability, its utility as a medium of exchange, its long-lasting durability and quality, and its rarity.
What Are Benefits of Gold Jewelry?
One benefit is that, especially when created by a talented jewelry maker, it is beautiful and leaves a lasting impression. In addition, gold jewelry stores financial value and can be exchanged for currency or traded for other items of value, if necessary. Gold jewelry can be beneficial as protection against inflation. It won’t lose the purchasing power that currency does when eroded by inflation. For these reasons, gold jewelry can be beneficial to own during times of economic upheavals.
The Bottom Line
Demand from jewelers, who need to satisfy the needs of consumers, keeps the market for gold healthy. India is a major consumer of gold and gold jewelry, and that trend will likely continue, especially if economic conditions remain positive for the precious metal’s outlook.