China's penchant for luxury platinum jewelry is fading despite lower global prices, leaving world demand for the metal exposed to sharper decline. China is by far the biggest market for platinum jewelry, making up more than 60 percent of global manufacturing use for the white metal in 2015.
While the average monthly gold price dropped 14% in July, the strongest year-on-year decline since March 2014, the United States imported 7% more gold in volume terms than a year ago.
Gold jewelry imports to the United States rose by 9% in the second quarter of the year, the slowest rate of increase since the fourth quarter of 2012.
We have already shown that neither mining production, nor technological demand drives gold prices, since gold – thanks to its uniquely high stock-to-flows--resembles an asset rather than commodity. Before we look at the drivers of gold investment demand, we have to analyze the role of jewelry demand and central bank buying in the gold price formation.
The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.
Platinum jewelry purchase has outpaced gold during the initial two months of the current fiscal year.
The low prices of silver have boosted demand for the white metal.
The Gems and Jewelry Export Promotion Council has released the details of imports of raw materials for gems and jewelry for the month of April this year. According to data, the gold bar imports by the country during the month witnessed a huge decline of 22.27 percent over the previous year.

Tribhovandas Bhimji Zaveri (TBZ) Jewellers has announced plans to achieve 25% retail expansion over the next one year.