China surpassed the United States to become the world's second
largest market for gold jewellery, according to statistics released
on Tuesday by the World Gold Council (WGC).
The latest WGC statistics showed that sales of gold jewellery
reached a record high of 302.2 tons, up by 34 percent and second
only to India.
"2007 was a year of great momentum for the world gold market
where China had played a significant role," said Philip Olden, WGC
chief marketing officer.
In 2007, the demand for gold in the United Stated saw a 14
percent year-on-year drop and gold market in Italy and Britain also
slumped.
In the last quarter of 2007, China saw a 20 percent year-on-year
growth in gold jewellery sales.
WGC officials also said that China's consumers now had various
choices of the jewellery articles as the country's gold market
remained prosperous.
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.
(Xinhua News Agency February 21, 2008)
