OREANDA-NEWS. Global demand for jewelry in the third quarter of 2019 decreased by 16% compared to the same period in 2018 and amounted to 460.9 tons. This follows from the report of the World Gold Council (WGC). Negative consumer sentiment caused by the preservation of geopolitical and economic uncertainty, coupled with significantly increased gold prices, led to a decrease in demand for jewelry in all major markets, experts say.

If the price of the jewelry market continues to rise, demand will be restrained, said Alistair Hewitt, director of the World Gold Council's market research group. In an interview with the Russian media, he explained that the drivers of demand for gold jewelry are two main factors - price and economic welfare.

“If the price goes up sharply, it quickly affects demand. As soon as you see that the price is rising, then demand will stop soon. Nobody wants to buy at this moment, people just look and wait if the price goes down again, when the price is set, which will be maintained in the market", he said. "The second factor is people's well-being. If people become richer, they can afford more and buy more", he added, noting that these factors have a “different time effect, and the welfare growth factor is longer-term".