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India is the global leader in gold jewelry consumption. Jewelry consumption in India fell by 32% year-over-year in the second half of 2019. A quarter of the gold jewelry demand for the send half of 2019 was met by the exchange of old jewelry.

China is a close second when it comes to global gold jewelry consumption. Jewelry-related gold demand for China fell in 2019. Full-year 2019 tonnes demanded fell 8.6%, while in the second half of 2019, gold demand fell 9.7% year-over-year.

A decline in consumer spending has led to a pullback in gold jewelry consumption in China, said the Thomson Reuters report. The jewelry industry makes up more than 65% of the gold consumption in the country.

United States
The U.S. came in third for gold consumption in the quarter of 2019, though still well behind China and India. U.S. consumption has slowed due to rising gold prices.

Germany is the fifth largest consumer of jewelry gold in Europe, behind Turkey. The country consumed 5.4 tonnes in the fourth quarter of 2019. However, given the rising prices and economic slowdown, gold demand fell year-over-year for the country. Major reasons for the decline include the shift away from high-end jewelry toward technology and experience purchases.