Global sales of gold jewellery last year plunged to a two- decade low as high prices and the economic crisis drove away cash-strapped consumers from the market.
Worldwide demand for gold ornaments such as necklaces, rings and bracelets fell to 2,158 tonnes, down 10.2 per cent from 2007 and the lowest since 1989, according to a report released yesterday by GFMS, the precious metals consultancy. Excluding the recycling of scrap in the jewellery sector, the drop was almost 20 per cent.
While high prices pushed gold jewellery out of key price-point segments in western markets, such as the $99 or $199 category, the financial crisis also hit the sector, with the losses being worst for those countries most affected by the economic downturn.
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