In the first half of 2025, China’s combined gold supply for jewelry, investment and industrial use — from both imports and domestic mining — reached 505.205 tonnes, a decline of 3.54% from the 524 tonnes recorded in the same period of 2024.
According to the China Gold Association, the reduction reflected weaker consumer spending, softer investor demand and subdued industrial consumption. Domestic mine output remained relatively stable, slipping just 0.31% to 179.083 tonnes, indicating steady but slightly lower production from Chinese mines.
The overall dip in combined supply suggests a cautious market environment where household purchases and investment flows have slowed, while industrial requirements have not yet regained momentum. Although mining output was only marginally lower, the fall in imports contributed more noticeably to the year‑on‑year drop as appetite from buyers softened.
Market observers note that short‑term movements are influenced by a mix of seasonal factors, price trends and broader economic sentiment. If consumer confidence and investor interest pick up later in the year, imports could recover, even if mine production remains relatively flat. Conversely, persistent weakness in demand would likely keep combined supply below last year’s level.
For manufacturers and jewelers, the slight reduction in mine output has not created immediate supply pressures, but continued weakness in consumption could affect order volumes and inventory strategies. Investors tracking gold flows will watch import data, domestic sales and central bank activity for signs of changing trends.
In summary, China’s gold supply in H1 2025 was modestly lower than a year earlier, primarily driven by reduced import volumes amid softer demand, while domestic mine production held largely steady.