Lockdown Hysteria and Its Impact On The Gold Jewellery Industry

Lockdown Hysteria and Its Impact On The Gold Jewellery Industry

A lot of people have been trying to understand what the Lockdown approach is meant to do. So far, we’ve been told it’s necessary for public health. However, the universal shutdown has led to many people losing their jobs, companies losing revenue and possibly facing permanent closure. Months later, we are still in the throes of this pandemic with no vaccine in sight.

Rather than sequester the sick, healthy people are the ones who are in house arrest. Some people would argue that this is irrational, that most of the workforce locked in their homes would likely have died from the usual things that kill people on a daily basis like accidents or the common flu.

During this lockdown we have seen a surge in the amount of gold being sold to gold buyers. Business seems to be good for some gold buyers in Australia. A lot of companies have had to look at their business models in order to adhere to regulations and to keep their customers safe. If you are looking to sell gold jewellery Brisbane, you will discover that a lot of companies have launched remote services. This means there are more online gold buyers than ever before. This is convenient and safe for the customer and the buyer. Selling gold jewellery online is not a novel idea, lots of companies have been doing it for years, so it should be easy to find a great company with lots of experience.

The Covid-9 pandemic has caused gold jewellery demand to fall by 39%. It is now sitting at 325.8 tons. The fall in jewellery sales does not mean a fall in demand for gold. The rise in precious metal prices spurred on by safe-haven investment and a closed retail and manufacturing environment are regarded as the main reasons for this drastic decline. According to the World Gold Council (WGC), the universal lockdown caused by the Coronavirus pandemic slashed demand in some of the world’s biggest jewellery consuming countries which are China and India.

China’s first quarter jewellery demand fell by 65% to 64 tons, the lowest it has been in over 13 years. Meanwhile, in India jewellery demand fell by 41% to 73.9 tons. It hasn’t been this low in 11 years.

Under normal circumstance we would look at China and India’s jewellery demands to see where the price of gold is likely to go. This time around the gold price is being pushed by factors other than simple supply and demand. However, instead of demand in jewellery, there is a rise in demand for investment grade gold or bullion bars and coins. In March, we woke up to headlines about mints running out of gold because of panic buying by investors. Refineries and mints need you to sell gold jewellery Brisbane to melt, refine and cast into bullion form to fulfil the expanding orders. There has never been a better time for you to get a great price for all that jewellery you have no more use for.

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