According to recent customs figures, China brought in an estimated 163 tonnes of gold last month, marking the most substantial monthly import volume since March 2024. This aggressive purchasing momentum brought the country’s cumulative gold imports for the first five months of the year to roughly 692 tonnes—a staggering 76% expansion relative to the same timeframe in 2025.

Industry analysts point out that the primary drivers of this import boom include heightened consumer appetite for physical bullion bars and growing participation in incremental gold-accumulation savings programs.

Steady Inward Flows Propelled by Local Price Premiums
May’s exceptionally strong performance managed to outpace a robust showing in April. World Gold Council (WGC) data indicates that April net imports had already reached 157 tonnes (a 10% month-over-month increase and a 40% year-over-year jump). Experts emphasize that a consistently positive local gold price spread—where domestic prices outpaced global benchmarks—served as a primary catalyst for merchants to ramp up imports during this period.

Outlook for Jewelry Re-stocking and Investment Momentum
Looking forward, market analysts suggest that the jewelry sector may experience a period of stabilization as retail businesses replenish their inventories following several months of sluggish consumer buying.

While more affordable gold prices are expected to support these inventory-restocking efforts, market participants warn of two potential headwinds:

Jeweler Hesitancy: Retail jewelers might temporarily halt their buying and wait on the sidelines if global gold prices experience a rapid or accelerated decline.

Investment Cooling: A loss of upward price momentum in the broader gold market could ultimately dampen retail investor enthusiasm for buying physical bullion.