Wednesday, 11th May 2005 (4061 views)

New markets in Suriname and Uzbekistan have made positive contributions to global gold production capacity, a new report has shown.

In 2004 overall demand increased, with all sectors of the gold supply chain posting gains. Jewellery fabrication saw the highest gain at just over five per cent, equating in real terms to 129 tons.

The Gold Survey 2005 has been compiled by the independent precious metal research consultancy, GFMS, and is the firm's 37th annual gold publication.

GFMS chairman Philip Klapwijk said the performance of the Indian jewellery industry - which saw its offtake grow by 16 per cent despite a nine per cent rise in the rupee price - had come as a surprise to all.

However worldwide gold mine production fell by five per cent in 2004, with the 2,464 tons marking an eight-year low.

Indonesia witnessed the most significant drop in mine production, whilst South Africa, Australia, Canada and the US also saw mining decline.

 

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