In this insightful article, we'll dive into the the list of 20 Countries With Highest Gold Consumption By Year, along with looking at the change in their gold trends over the years. If you want to skip the details, jump to 8 Countries With Highest Gold Consumption By Year.
The countries with the highest gold consumption by year have exhibited consistency in the past decade. According to the World Gold Council, India and China were the largest gold consuming countries in 2010, and both nations maintained this status in 2022 with a consumption of 824.9 and 774 metric tons, respectively. Following China and India, are the United States, Saudi Arabia, Germany, Turkey, and Iran.
However, strict quarantine measures in China and the Covid outbreak in India resulted in a temporary downturn in consumer-level purchases. China's gold demand reached an all-time low since 2010 to 641 metric tons in 2020. Likewise, India's gold consumption took a hit amidst the pandemic and plunged to 446 metric tons in 2020.
Although countries with the highest gold consumption in the world have been the same over the past few decades, some variations can be there, with nations either escalating or curtailing their gold consumption. A considerable reflection in these patterns appeared after the global economic crisis in 2009, after which, central banks globally began to increase their gold reserves.
Shifting towards maintaining and increasing gold reserves was a change from the earlier trend, where several international financial institutions and countries had been systematically selling their precious metal assets - the most notable instance of this being the United Kingdom's liquidation of a significant portion of its gold reserves in the late 90s.
Which Industry Uses The Most Gold?
According to World Gold Council data for gold consumption by country, the jewelry manufacturing industry uses the most gold. So much so that 63% (2,086 metric tons) of total global gold consumption by industry is funneled into jewelry making and fabrication. The jewelry industry's preference for gold is based on the metal's resistance to tarnish, malleability, and symbolic associations with opulence.
Following the jewelry industry, gold bars and coins also contribute to the highest gold consumption in the world. In these forms, gold functions predominantly as a hedge against economic instability, and an instrument for preserving wealth.
How Much Gold Is Used Per Year Globally?
The international demand for gold in 2022 amounted to 3,303 metric tons, which represents a resurgence post-pandemic in countries with the highest gold consumption by year. In 2020, the world's total gold consumption dropped to 2,301 metric tons, the lowest since 2010, owing to the economic halt in most countries.
The main companies in the gold sector are Rio Tinto Group (NYSE:RIO), Barrick Gold Corporation (NYSE:GOLD), and Newmont Corporation (NYSE:NEM), among others. The Rio Tinto Group (NYSE:RIO) is a London-based mining giant that explores, mines and processes mineral sources. The primary mineral sources that Rio Tinto Group (NYSE:RIO) mines and processes are gold, diamond, and copper, among many others.
Likewise, the Barrick Gold Corporation (NYSE:GOLD) is a mining stakeholder based in Toronto, Canada. Barrick Gold Corporation (NYSE:GOLD) explores and produces precious metals in 13 countries and focuses on high-margin products.
The largest gold company is Newmont Corporation (NYSE:NEM), which is based in Denver, Colorado. Newmont Corporation (NYSE:NEM) has a current market cap of $33.84 billion.
The biggest single buyer of gold are the central banks in the world's leading economies, such as the Federal Reserve in the United States, the People's Bank of China, and the Central Bank of India, which have continued to maintain and enhance their gold reserves. The central banks procure gold to diversify their reserves, manage risk, and strengthen economic stability. According to the World Gold Council, central banks' net purchases reached 1,136 metric tons in 2022, whose worth was estimated to be $70 billion.
The International Monetary Fund (IMF) data shows that the United States maintained the largest gold reserve globally, with approximately 261.5 million troy ounces, followed by Germany and then the International Monetary Fund itself.
Without further ado, let's head over to the list of countries with the highest gold consumption by year:
20 Countries With Highest Gold Consumption By Year
20 Countries With Highest Gold Consumption By Year
Our Methodology
We ranked the top 20 countries with the highest gold consumption by year based on their annual gold demand in ascending order. The Gold Demand Trends Full Year 2022 report by World Gold Council covers countries' annual gold demand. We used countries' gold demand as a proxy for their gold consumption since credible data on individual countries' gold usage was limited. We also discussed some countries' per capita gold consumption to put their average demand in perspective. However, the per capita figures may slightly vary based on the time they were calculated and the said country's population numbers used by the source.
For ranking the countries, we averaged-out their gold consumption for three years leading up to 2022.
Based on the finding of the World Gold Council's annual report, here are 20Countries With the Highest Gold Consumption By Year:
20. Mexico
Average Per Year Gold Consumption: 14 metric tons
Gold Consumption In 2022: 14.6 metric tons
Gold Consumption in 2021: 14.1 metric tons
Gold Consumption in 2020: 13.3 metric tons
According to our findings based on the World Gold Council report of countries with the highest gold consumption by year, Mexico's annual average gold consumption is 14 metric tons. Mexico's per capita gold consumption stood at 0.11 grams. Mexico's main gold consumption was in jewelry manufacturing, which reached slightly over 13 metric tons in 2022, followed by 1.5 metric tons in gold bars and coins.
19. Kuwait
Average Per Year Gold Consumption: 16.16 metric tons
Gold Consumption In 2022: 18.9 metric tons
Gold Consumption in 2021: 16.6 metric tons
Gold Consumption in 2020: 13 metric tons
Kuwait's annual consumption of gold is 16.16 metric tons, mostly because of the country's affinity towards gold jewelry. This figure, impressive on its own, becomes even more meaningful when viewed per capita as the country's per capita gold consumption is 3.80 grams, one of the highest in the world.
18. Canada
Average Per Year Gold Consumption: 24.7 metric tons
Gold Consumption In 2022: 27.5 metric tons
Gold Consumption in 2021: 26 metric tons
Gold Consumption in 2020: 20.8 metric tons
Canada's average gold consumption is 24.7 metric tons per year, as per the World Gold Council. If we discuss per capita consumption, the average Canadian consumes 0.71 grams of gold annually. This reflects the integral role of gold in sectors like jewelry, investment, and technology and the country's relative affluence.
17. Australia
Average Per Year Gold Consumption: 28.86 metric tons
Gold Consumption In 2022: 30.9 metric tons
Gold Consumption in 2021: 28.7 metric tons
Gold Consumption in 2020: 27 metric tons (approximately)
Australia's gold consumption reached an average of 28.86 metric tons annually in 2022. Based on data on gold consumption by country in 2023 from the World Gold Council, this figure equates to a per capita gold usage of approximately 1.12 grams.
16. Egypt
Average Per Year Gold Consumption: 31.8 metric tons
Gold Consumption In 2022: 38 metric tons
Gold Consumption in 2021: 34.1 metric tons
Gold Consumption in 2020: 23.3 metric tons
Despite an unstable economy and tough geopolitical situation, Egypt's average annual gold consumption is 31.8 metric tons. A major reason for such considerable gold consumption is the public's reliance on gold bars as savings. Moreover, the country's per capita gold consumption is approximately 0.36 grams which shows the cultural significance of gold in the nation's social fabric.
15. United Kingdom
Average Per Year Gold Consumption: 33.3 metric tons
Gold Consumption In 2022: 35.6 metric tons
Gold Consumption in 2021: 34.8 metric tons
Gold Consumption in 2020: 29.6 metric tons
The United Kingdom is among the countries with the highest gold consumption by year. Its average annual gold consumption stands at 33.3 metric tons. The country's per capita consumption is 0.53 grams, which mirrors this trend on an individual level. Like other data on gold consumption by country 2023, the major gold consuming sectors in the UK are jewelry and gold bars/coins. Interestingly, the UK's gold usage in the form of gold bars and coins is higher than most other countries; in 2022, the country used 16.3 metric tons of gold for bars, biscuits and coins, among others.
14. South Korea
Average Per Year Gold Consumption: 35.8 metric tons
Gold Consumption In 2022: 32.4 metric tons
Gold Consumption in 2021: 39.6 metric tons
Gold Consumption in 2020: 35.4 metric tons
South Korea has experienced a significant surge in gold consumption and is now averaging 35.8 metric tons annually. Although the nation’s 2022 gold consumption was slightly lower than 2021 and 2020, the average remained intact. According to the World Gold Council, South Korea's gold demand in 2022 was 32.4 metric tons, down from 39.6 in 2021, but it’s still amongst top gold consuming countries.
13. United Arab Emirates
Average Per Year Gold Consumption: 39.8 metric tons
Gold Consumption In 2022: 51.3 metric tons
Gold Consumption in 2021: 41.6 metric tons
Gold Consumption in 2020: 26.7 metric tons
Another top gold consumer in the Middle East is the United Arab Emirates, whose average gold intake is 39.8 metric tons. But the more important aspect here is that UAE has the 2nd highest per capita gold consumption in the world that reaches 5.24 grams, just behind Switzerland. Such impressive gold usage indicates the UAE's strong purchasing power and the gold market's significance.
12. Switzerland
Average Per Year Gold Consumption: 43.4 metric tons
Gold Consumption In 2022: 43.7 metric tons
Gold Consumption in 2021: 43.8 metric tons
Gold Consumption in 2020: 42.9 metric tons
Switzerland's average gold consumption is 43.4 metric tons per annum, impacted by the country's stable finance and jewelry sectors, both heavily reliant on gold. Moreover, the country has the highest per capita gold consumption in the world, reaching 5.58 grams, owing to its affluent economy.
11. Indonesia
Average Per Year Gold Consumption: 44.7 metric tons
Gold Consumption In 2022: 49.7 metric tons
Gold Consumption in 2021: 46.8 metric tons
Gold Consumption in 2020: 37.6 metric tons
Indonesia's average gold consumption reached up to 44.7 metric tons annually, with gold jewelry and bars/coins making up most of this consumption. Also, the country's per capita gold consumption currently stands at 0.18 grams and shows the metal's dispersion across the population.
10. Vietnam
Average Per Year Gold Consumption: 47.3 metric tons
Gold Consumption In 2022: 59.1 metric tons
Gold Consuption in 2021: 43 metric tons
Gold Consumption in 2020: 39.8 metric tons
Vietnam's annual gold intake is approximately 47.3 metric tons, as per the World Gold Council report. Although the country's economy is not as strong as other countries with the highest gold consumption in the world, people's reliance on gold for hedging and jewelry takes its per capita consumption to 0.59 grams.
9. Russia
Average Per Year Gold Consumption: 47.4 metric tons
Gold Consumption In 2022: 60.7 metric tons
Gold Consumption in 2021: 46.8 metric tons
Gold Consumption in 2020: 34.8 metric tons
Russia's yearly gold consumption stands at an average of 47.4 metric tons based on the country's significant reliance on this precious metal. Moreover, Russia's per capita gold consumption is stands at 0.42 grams, which shows the intricate role gold plays in the country's socioeconomic fabric.
