China's demand for gold jewelry is expected to double over the next decade as Chinese incomes continue to grow, Albert Cheng, a managing director of the World Gold Council, told the China Business Daily Thursday.

The world’s second largest gold jewelry consumer, China's consumption will hit 550 tons this year, Cheng said.

The country’s demand for gold jewelry in the third quarter increased by 13 percent from a year before to 131.0 tons, according to a report released by the WGC. Meanwhile, the price of gold hit a record $1,920.30 an ounce in the third quarter, largely due to investor worries over the eurozone debt crisis and U.S. economic sluggishness.

China's business press carried the story above on Friday.