Gold jewelry consumption in the first quarter saw an increase in spending but a decline in volume, with multiple brands launching promotions in May.

```htmlGolden Ten Data, May 11 — According to the latest statistics from the China Gold Association: In the first quarter of 2026, China’s gold consumption reached 303.292 tons, an increase of 4.41% year-on-year. Currently, despite a decline in gold jewelry consumption, many listed companies still showed growth in their Q1 financial results. The World Gold Council also commented that the second quarter is traditionally a low season for jewelry consumption, and demand may weaken further. For example, in the second quarter of 2025, retail gold investment and consumption demand in the Chinese market reached 245 tons, a quarter-on-quarter decline of 10%, while jewelry consumption was 69 tons, a sharp quarterly decrease of 45%. During this year’s “May Day” holiday, visits to various gold counters revealed that, possibly due to the recent softness in jewelry consumption combined with holiday promotions, many counters launched weight-based discounts. For instance, Lao Miao Gold offered a 90 yuan discount per gram on some jewelry items during the holiday, and select fixed-price products were available at 20%-30% off; Ya Yi Gold Store gave a 130 yuan discount per gram, with some fixed-price products offered at 30% off or more; Lao Pu Gold recently launched a 10% off promotion.```