Global Gold Jewellery Demand Falls 23 Per Cent, But Value Rises

JAKARTA – Global gold jewellery demand in the first quarter of 2026 exhibited contrasting dynamics between volume and value. Amid a surge in world gold prices to record highs, physical consumption experienced a significant decline, yet spending value set a new record. The Gold Demand Trends Q1 2026 report released by the World Gold Council (WGC) recorded total global gold jewellery demand at around 300.4 tonnes, down 23 per cent year-on-year compared to the same period the previous year. On the other hand, the value of demand surged. Globally, the value of gold jewellery consumption reached $47 billion, equivalent to approximately Rp 814.8 trillion (assuming an exchange rate of Rp 17,337 per US dollar), up 31 per cent year-on-year and marking the highest ever for the first quarter. “Spending on gold jewellery surged even as record-high gold prices led to a decline in purchases of pure gold,” the WGC stated in its report, quoted on Monday (4/5/2026). Throughout early 2026, gold prices hit record highs before a limited correction, but remained at elevated levels. The WGC report noted that gold jewellery demand was constrained by the record price increases, underscoring how rising prices directly limit consumer purchasing power. As a result, consumption patterns shifted. Consumers in various countries began adjusting purchases by opting for lighter jewellery, lower gold purity, and more affordable designs. China, the world’s largest market, recorded a significant decline. Gold jewellery demand fell to 85 tonnes, down 32 per cent year-on-year. However, the value of consumption still rose to around $13 billion, equivalent to approximately Rp 225.4 trillion, up 16 per cent from the previous year. The WGC report noted that part of the demand shifted to investment products with lower premiums, indicating a move towards investment-oriented products.