The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Tuesday, 27th October 2009 (763 views)

Sales of gold jewellery will see double-digit growth in China by the end of 2009, it has been predicted.

Speaking to Bloomberg, Hong Kong Resources Holdings chairman Kennedy Wong said his company had recorded a 16 per cent rise in gold and other jewellery in China in the first nine months of the year.

He claimed that growth could be driven by the rise of gold as an investment vehicle, as well as increasing sales of jewellery for weddings.

"The Chinese have only started to buy gold as an investment product and there's huge room for this sector as the middle class grows," Mr Wong remarked.

He added: "We will see double-digit growth for years to come."

China is already close to overtaking India as the world's biggest consumer of gold, according to experts.

It leapfrogged South Africa to become the largest gold producer globally in 2007.

Last week, Lila Lu of China Minsheng Bank revealed that China's total gold imports stood at 112 tonnes last year, with 68 tonnes accounted for by investment demand, Dow Jones reports.

 

« Back to Gold News stories