Photo: Amy Sussman / Getty Images
In the world demand for jewelry made of gold, while the precious metal continues to rise. Global demand for jewelry fell by 53 percent — a record low, reports TASS.
Unnecessary decoration was due to the General instability in the world because of the pandemic coronavirus, restrictive measures and economic crisis. Affected by the fact that buyers decreased revenues. To predict when demand will recover until no one can. According to the Director for interaction with markets WGC John Mulligan, this largely depends on the economic situation and purchasing power. “A significant recovery in the short term is not expected”, — stated the expert.
The demand for jewelry drops amid record gold prices. The precious metal has become a kind of safe haven for investors and strengthens market in connection with the threat of a new wave of coronavirus and the increasing tension between the US and China. According to analysts, in two years, the value of an ounce of gold may be more than three thousand dollars.
Not the best way the situation affects the market of precious stones. For example, one of the giants of Russian ALROSA — went through the worst months in its history with falling sales more than ten times. Recovery indicators are just waiting for the end of the year.
Video, photo All from Russia.