Think about what you are saying. People are being asked to give up their gold for cash which means less gold in the hands of the ordinary folk.
As far as jewelry demand, yes when Gold was used as money jewelry demand was a small part of the Gold market.
When the dollar took over as the world reserve currency Gold had little use besides Jewelry.
Today, now that the United States is abusing the world reserve currency and literally smearing that abuse of the dollar in the face of the world, Gold as a reserve currency is reasserting itself. Jewelry will become less and less important to Gold as it becomes money once again.
