Regional Economics: Theory and Practice
 

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Manufacture and consumption of gold jewelry in the world: A regional analysis

Vol. 17, Iss. 8, AUGUST 2019

PDF  Article PDF Version

Received: 28 June 2019

Received in revised form: 5 July 2019

Accepted: 12 July 2019

Available online: 15 August 2019

Subject Heading: SUSTAINABLE DEVELOPMENT OF REGIONS

JEL Classification: F00, F10

Pages: 1463–1475

https://doi.org/10.24891/re.17.8.1463

Zadorina A.M. Russian State Geological Prospecting University (MGPI-RSGPU), Moscow, Russian Federation
anna-zador858@mail.ru

https://orcid.org/0000-0002-9071-639X

Subject This article explores the global gold market, treating gold products and ingots as the most important objects of cash investment.
Objectives The article aims to examine changes in the development of the global market for the production and consumption of gold jewelry, and assess the factors of potential growth and the main areas of the jewelry industry.
Methods For the study, I used the methods of content, systems analyses, deduction, and comparison.
Results Analysis of the production and consumption of gold jewelry shows that trends in both increasing and decreasing gold production are manifested in certain regions of the world. Central banks keep on buying gold to diversify reserves and balance currency risk. The dynamics of gold prices in the near term will be strongly influenced by structural economic reforms. In the long term, gold as a major asset will be supported by the expansion of the middle class in emerging markets.
Conclusions Under the conditions of the economic system's instability, gold is a stable financial asset. Structural economic reforms in the world key regions are maintaining demand for precious metals in the jewelry sector and as personal savings. Gold is gaining an ever-increasing and important role when portfolio set-up.

Keywords: precious metals, gold, jewelry

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