We know that Egyptian monarchs were buried in gold and that the affluent of Ancient Rome wore it as well. While many people consider gold to be a good investment, gold jewellery like gold rings, necklaces, bracelets, gold sets, and gold earrings remains a significant element of various cultures, typically for reasons unrelated to its monetary worth. 

Jewelry, followed by retail investment (bars and coins), the net official sector (central banks), and industrial manufacturing, accounts for the majority of gold demand. Gold is often regarded as the only true storehouse of value and riches in many parts of the world. As a result, families buy more gold as their financial situation improves. 

Below are the highest gold jewellery demanded countries; 

1- China: 

Each year, China consumes approximately 984 metric tonnes of gold. It imports around two-thirds of the gold it consumes. Gold is utilised in the manufacturing, investment, and jewellery industries. In China, gold is widely available for all purposes.  

2- India: 

 India is one of the world's largest consumer of gold jewellery. It uses around 849 metric tonnes of gold per year. However, this figure varies depending on the state of the economy. Since India’s gold mining business is so small, it imports practically all of its gold. Gold is primarily used for jewellery like rings, wedding gold sets, necklaces and other ornamental purposes. 

3- UAE:  

Consumer confidence rose due to increasing Covid-19 vaccination and the return of tourists, resulting in higher purchases of gold jewellery in the UAE, jumping 461 per cent to 7.3 tonnes compared to 1.3 tonnes in the same period last year. Overall gold consumption increased 319 per cent year over year, from 2.1 tonnes to 8.8 tonnes, while demand for gold bars and coins increased 71% year over year, from 0.8 tonnes to 1.4 tonnes in the UAE. 

4- United States:  

The United States utilises about 160 metric tonnes of gold each year. Industrial, investment, and jewellery use all contribute to consumption. Consumption in the United States has slowed as gold prices have risen. The majority of jewellery produced in the United States is not made of pure gold. To make the jewellery more resistant to wear, they combine gold with a more brutal metal such as copper. In the United States, gold jewellery is commonly 10, 12, 14, 18, or 21 karats, with the number preceded by a letter K.  

5- Thailand:  

Each year, it uses around 90 metric tonnes of gold. Gold jewellery, such as gold necklaces and other gold ornaments, may be found in stores all across the country. On storefronts, the price of gold is prominently advertised.  

Gold prices are influenced by a variety of factors, including gold production and consumption patterns. Therefore, understanding where gold is produced, used, and why it is consumed might help you predict where the spot price of gold is headed.