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The jewelry has always been credited as the top consumer of gold. When the pandemic hit, people expected the jewelry market to tank.
It didn’t. The jewelry market experienced a surge in sales. Why? There was nothing else to do. People couldn’t do anything. They stayed home. So, to destress, spoil themselves, or have some semblance of “luxury”, they turned to jewelry.
Metals Focus, a leading independent precious metals research consultancy, estimated that the rise continues through the rest of 2021.
They reported that the domestic gold jewelry consumption will exceed 140 tons this year, which would equate to an increase of more than 10% from previous year. Remember last year was already a good year for the jewelry industry. For it to be better this year, that’s saying something.
The consultancy noted that the most common story put forward for US’ jewelry market strength is consumers with spare cash in their pockets, having been unable to spend as they would like on travel and remaining cautious as regards restaurants, theatres and so forth. They turn to jewelries.
At the same time, the immediate macroeconomic backdrop is also supportive with wages firming, unemployment low and lower income groups’ generous financial government support during the most uncertain phases of the pandemic.
Weddings could also be a factor. Weddings were postponed. People are finally finding ways on how to get hitched with social distancing protocols loosen up.
Metals Focus also pointed at another important factor to consider, which is retailers’ responses. There seems to have been a sea change in the online / omni-channel experience, with consumers now perfectly happy to shop in this manner. Online stores are reaching more people and people are more than willing to shop, finally adjusting to the reality of not having to touch and see merchandise before they buy it.
Metal Focus said and i quote “All this only reinforces the boost now coming through from all malls being open in conjunction with consumers becoming willing to visit these locations.”
I don’t necessarily advertise investing in gold or other precious metals via jewelries. I am not saying you shouldn’t buy jewelry either. I would just advise that you balance your portfolio. If you want to invest in precious metals, invest in jewelry, gold stocks, and gold bullions.
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