Over the next few years, gold will likely be used more and more, especially in the jewellery business. Gold has always been an important part of weddings, especially in India and China, where a lot of the product is used to make jewellery and other decorations. As of 2018, India’s wedding market was estimated to be worth more than USD 40 billion, with about 10–12 million weddings taking place each year. In 2018, nearly 10.1 million marriages were registered in China’s marriage space. So, the wedding market space in China and India is likely to give the gold jewellery market a lot of chances to grow in the coming years.
In 2020, the United States Geological Survey (USGS) said that the total amount of precious metals made in the United States was about 1,195.6 tonnes. In 2019, nearly 200 tonnes of gold and about 15.6 tonnes of platinum group metals were made in this category (PGM). Sibanye-Stillwater, the only company in the United States that mines PGM, did so in Montana.
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As of 2019, the jewellery sector made up a big part of the U.S. precious metals market, with nearly 40% of the market’s volume. Nearly half of the demand for gold jewellery in 2019 came from stores in the states of New York, Rhode Island, California, Texas, and Florida.
But because of the global pandemic, there is likely to be a sharp drop in demand for the commodity. Due to the coronavirus, the U.S. is one of the countries that has been hurt the most. By the end of the first quarter of FY2020, the unemployment rate will have reached an all-time high. Since the Great Depression, this is the worst time for unemployment in the country. In April 2020, the unemployment rate was almost 14.7%, and nearly 20.5 million people lost their jobs. In the short term, the country’s precious metals industry is likely to grow at the same rate it has been growing for the past few years.
Even though there was a coronavirus pandemic, it is thought that industrial activities in the U.S. will pick up once the government takes special steps to help the manufacturing sector. As of April 2020, the country’s congress has approved nearly USD 484 billion in relief aid to fight the coronavirus pandemic. The fact that the new aid packages are designed to get manufacturing going again may be a good sign for those in the industry in the near future.
Trends in the precious metals market:
The market is growing because people’s ways of living are changing and their disposable incomes are going up. Aside from this, leading market players in different industries are investing in recycling precious metals, which can then be used to make heart pacemakers and artificial cochleas. This is because people are becoming more concerned about the environment. Also, governments in different countries are putting in place strict emission regulations, which is helping the market grow because these metals are used to clean up car exhaust gases. But because of the rising number of COVID-19 cases, the governments of many countries have ordered complete lockdowns as a precaution against the pandemic. This has caused problems with supply chains and shut down several manufacturing units, which has led to a shortage of goods. On the other hand, more people are investing in precious metals as a way to stay ahead in a market that changes quickly.
Competitive Landscape: The report also looks at the market’s key players, such as Anglo American Platinum Limited (Anglo American PLC), Barrick Gold Corporation, First Majestic Silver Corp., First Quantum Minerals Ltd., Freeport-McMoRan Inc., Fresnillo Plc (Peoles Group), Gabriel Resources Ltd., Glencore International AG, Gold Fields Limited, Harmony Gold, Impala Platinum Holdings Limited, Lundin Mining Corporation, and Pan