According to an article in the Wall Street Journal:

“The identity of who buys gold has changed radically.

. . . Just five years ago, jewelry accounted for two-thirds of gold demand. Last year, it represented less than half.” If the demand for gold to be used in jewelry has declined, who is buying gold? Does the change in who the most important demanders of gold are matter for long-term movements in the price of gold? Briefly explain.