Retail sales of gold, silver and jewelry China 2011-2021
In 2021, the retail sales of gold, silver, and jewelry in China amounted to approximately 304 billion yuan, indicating a nearly 28 percent increase compared to the previous year.
The gold market in China
Gold has long been an indicator of wealth in China, as in many other countries. In addition to being the world's largest gold producer, China is also the world's major gold consumer. In 2021, over 1.1 thousand metric tons of gold were sold in China, mainly as jewelry. That year, China's gold jewelry demand totaled approximately 675 metric tons, slightly higher than India's, which was second with 611 metric tons.
Jewelry consumers in China
The jewelry industry in China has experienced exponential growth in the last decade, and it is expected to grow even further in the next five years. China's jewelry market is primarily driven by young people between 25 and 34 years old, representing more than half of China's jewelry consumer population. Today, gifting and weddings are no longer the most common occasion for Chinese consumers to purchase jewelry. In fact, a Statista survey suggested that more than half of respondents bought jewelry as self-reward.
The gold market in China
Gold has long been an indicator of wealth in China, as in many other countries. In addition to being the world's largest gold producer, China is also the world's major gold consumer. In 2021, over 1.1 thousand metric tons of gold were sold in China, mainly as jewelry. That year, China's gold jewelry demand totaled approximately 675 metric tons, slightly higher than India's, which was second with 611 metric tons.
Jewelry consumers in China
The jewelry industry in China has experienced exponential growth in the last decade, and it is expected to grow even further in the next five years. China's jewelry market is primarily driven by young people between 25 and 34 years old, representing more than half of China's jewelry consumer population. Today, gifting and weddings are no longer the most common occasion for Chinese consumers to purchase jewelry. In fact, a Statista survey suggested that more than half of respondents bought jewelry as self-reward.
