The jewelry industry accounted for a 48.7 percent share of global gold demand in 2023, which amounted to about 2,168 metric tons. Jewelry was the largest gold demanding industry worldwide in most recent years, although in 2020 it was the second after investment demand.

What is gold used for?

Gold is a transition metal that has characteristically bright yellow coloring. Besides its most famous use, in jewelry, it has many different useful applications. Because is a very efficient conductor that can carry tiny electrical charges, gold is found in cell phones and televisions. In 2023, gold used for technology accounted for 6.7 percent of global gold demand. It is also used in dentistry, as it is the best material for fillings and crowns since it is easy to insert. Gold used for investing was the second-largest demand sector in 2023, accounting for almost one-quarter of global gold demand.

Gold mining worldwide

The world production of gold mines has increased steadily over the years since 2005. In 2005, about 2,470 metric tons of gold was produced. In 2023, about 3,000 metric tons was produced. That was a slight decrease in production compared to the previous three years. The countries that produced the most gold in 2023 were China, Australia, and Russia. China produced an estimated 370 metric tons, while both Australia and Russia produced an estimated 310 metric tons.