China, India and the United States are the world’s three biggest jewelry markets, according to Statista Market Insights. In 2025, China generated an estimated $119.9 billion in revenue, followed by India with $93 billion and the United States with $78.9 billion. Globally, the jewelry market reached about $388.9 billion in total revenue.
Strong sales in these countries align with a high demand for real gold jewelry. An analysis by the World Gold Council shows India leading global demand at 430.5 tonnes last year, with China at 360.1 tonnes and the United States at 117.3 tonnes, making them the top three markets by volume as well. However, all three recorded declines compared to 2024, reflecting a broader global trend, largely driven by rising gold prices.
A slightly different picture emerges when looking at per capita spending across the broader jewelry segment. Here, the United States outstrips the other countries, with consumers having spent an average of $299.51 per person last year, compared with $83.7 in China, $76.98 in the United Kingdom and $63.96 in India.
