The demand for gold jewelry in the first nine months of 2000 is slightly above the last year's record level, the World Gold Council says. In its quarterly survey, "Gold Demand Trends," WGC reports gold jewelry demand was 2,114 tons for the first nine months, up 1% from last year.
"Jewelry demand remains robust, with year-to-date demand above that for the same stage of last year when jewelry went on to break all records," says CEO Haruko Fukuda. Fukuda attributes some of the third quarter increase to strong recoveries in jewelry consumption in the Middle and Far East. Demand increased in Thailand by 61%, Japan by 40% and Turkey by 33%.
Investment demand for gold during the first nine months of 2000, however, decreased by 27% from last year. "The strength of overall gold demand is encouraging in the absence of the exceptionally high investment demand that was generated in 1999 by Y2K concerns," says Fukuda. "Nevertheless, overall demand is not keeping pace with economic growth. I consequently applaud the producers' acknowledgment of the crucial need for increased marketing." Total demand for gold during the first nine months dropped 3% from last year.
"Gold Demand Trends No. 33" is available at the WGC web site, www.gold.org.
- by Julia M. Duncan