The global precious metal market was valued at USD 513.3 billion in 2024 and is projected to grow to USD 865.3 billion by 2030, registering a CAGR of 9.1% between 2025 and 2030. The rising demand for precious metals in jewelry is expected to be a key driver for market growth during the forecast period.

Gold, in particular, holds deep cultural significance in countries like India and China, where it is widely used in the form of jewelry and ornaments—especially during weddings. Notably, India’s wedding industry ranks as the second-largest globally. According to The Economist, it was the fourth-largest industry in India in 2023, with an annual expenditure reaching USD 130 billion. The expanding wedding sectors in India and China are set to boost demand for gold jewelry in the coming years.

Key Market Highlights

• Asia Pacific dominated the market, accounting for over 47% of global revenue in 2024.
• China continues to exert the most significant influence across the precious metals landscape.
• Gold emerged as the leading metal, contributing 71% of the total revenue in 2024.
• The industrial application segment captured more than 45% of the market share in 2024.

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Market Size & Forecast

• 2024 Market Size: USD 513.3 Billion
• 2030 Projected Market Size: USD 865.3 Billion
• CAGR (2025-2030): 9.1%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the prominent players in the market include AngloGold Ashanti and Randgold & Exploration Company Limited.

Freeport-McMoRan stands as a major global player in the mining sector, specializing in the extraction of both precious and base metals, particularly gold and copper. The company is known for its large-scale operations, commitment to sustainability, and its contributions across various sectors such as electronics, construction, and industrial manufacturing.

Polyus, the largest gold producer in Russia, ranks among the world’s leading gold mining companies. It is widely recognized for its use of advanced mining and processing technologies, which drive high operational efficiency and support long-term sustainability goals.

Key Players

• Freeport-McMoRan
• Polyus
• Newmont Corporation
• Gold Fields Limited
• Randgold & Exploration Company Limited
• Barrick Gold
• AngloGold Ashanti
• Kinross Gold Corporation
• Newcrest Mining Limited

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Conclusion

The global precious metal market is witnessing steady growth, fueled by increasing demand in jewelry applications, especially in culturally significant regions like India and China. Gold remains the dominant metal, heavily used in weddings and traditional ceremonies, contributing significantly to overall market revenue. Asia Pacific leads the market in terms of revenue share, with China playing a pivotal role. Industrial applications are also contributing notably to market expansion. Major players like Freeport-McMoRan, Polyus, and AngloGold Ashanti are shaping the competitive landscape through large-scale, sustainable mining operations. Ongoing innovations and regional consumption trends are expected to drive future growth.