Tuesday, 6th July 2004 (2931 views)

China ranks third in the world for gold jewellery consumption, according to new figures.

The Chinese edition of the gold yearbook reveals that China's gold consumption for jewellery ranked after India and the United States last year, at 201.1 tons.

China's gold output in 2003 reached 213 tons, ranking the country fourth in the world, after South Africa, the US and Australia.

Chinese gold consumption has remained constant at around 210 tons for the past four years, and the gold consumption for jewellery increased by just 0.7 per cent, compared with a year ago.

Wang Lixin, China manager of the World Gold Association, said that China's newly-opened gold market still had a huge potential to accommodate more gold products. He claimed that the developing market should pay more attention to attracting young people, with more 18K gold fashion products, and the elderly, by highlighting the gold value for investment.

The gold yearbook, published by the World Gold Association, is an authoritative book on the world's gold markets, gold production and gold reserves.

 

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