After India, China is world’s largest gold jewellery consumer

February 20th, 2008 - 6:59 pm ICT by admin  

Shanghai (China), Feb 20 (Xinhua) China has emerged as the second largest market for gold jewellery after India, dislodging the US to the third position, according to the World Gold Council (WGC). The latest WGC statistics, released Tuesday, showed that sales of gold jewellery in China reached a record high of 302.2 tonnes in 2007 from 245 tonnes in 2006, making the country the world’s second-largest retail jewellery market.

Jewellery purchase in India rose to 558 tonnes in 2007 from 526 tonnes in 2006.

“The year 2007 was one of great momentum for the world gold market where China had played a significant role,” said Philip Olden, WGC chief marketing officer.

Last year, the demand for gold in the US saw a 14 percent year-on-year drop and gold market in Italy and Britain also slumped, the WGC release said.

WGC officials also said that in last quarter of 2007, China saw a 20 percent year-on-year growth in gold jewellery sales, and Chinese purchasers now have various choices of the jewellery articles as the country’s gold market remained steady.

In January, China’s gold futures made a strong debut on the Shanghai Futures Exchange as international gold prices had repeatedly hit new highs.

Global gold prices jumped more than 30 percent last year, the biggest increase since 1979.

WGC, based in London, is a marketing organization promoting gold trading around the world.

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