Yup. 10% industrial, ~45% jewelry, and ~45% bullion. Jewelry's use of gold is speculation just like bullion. People want gold or other precious metals in jewelry not because they provide the best physical properties at a given price-point (there are many superior alternatives), but only because such materials are expensive, ie. they speculatively assume the high prices will stay high and/or continue to appreciate.
what about just because it looks nice? people like nice things.
If "looking nice" was the main factor, people would be buying jewelry made of materials that look identical to gold AND are more durable AND are less expensive.