Retail sales of gold, silver and jewelry China 2013-2023

In 2023, the retail sales of gold, silver, and jewelry in China amounted to approximately 331.04 billion yuan, indicating an about 13 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 2022, over one thousand metric tons of gold were sold in China, mainly as jewelry. That year, China's gold jewelry demand totaled approximately 571 metric tons, slightly lower than India's, which was second with 600 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.