Gold jewellery news
China has gone through remarkable change in the past 30 years. Within one generation, the shape of our economy has altered beyond all recognition: agriculture’s share of output has fallen and the service sector has become an important driver of growth; millions of people have migrated from the countryside to big cities; and we have become richer, with income per capita increasing by almost 700% between 1995 and 2015.
The World Gold Council has conducted a study to assess the current state of hallmarking in India.
Our intention was threefold:
- To evaluate the existing hallmarking system
- To stimulate debate around how best to strengthen hallmarking processes
- To demonstrate the benefits of an effective hallmarking infrastructure.
Gold jewellery demand was worth US$89 billion in 2015, and accounted for over half of global demand for gold.
Rooted deeply in a diverse tapestry of cultural traditions the aspiration to own and give gold in the form of jewellery transcends generations and national boundaries. The three largest markets for gold jewellery, China, India, and the US, each accord it a unique cultural significance. Acquiring jewellery is connected to celebrations, relationships, self-expression, and hopes for the future in these countries
Chinese society views purchasing gold jewellery as sound financial foresight which promises to bring good fortune. The majority of Chinese consumers buy high purity 24 carat gold jewellery, giving their purchases more enduring financial value.
The age of first acquisition of gold in China is getting younger, as the rising generation of Chinese millennials turn to gold to demonstrate their aspirations and identity. They are now becoming a dominant force in the gold and luxury goods market.