Friday, 27th April 2007 (2180 views)

China is currently enjoying a rise in the amount of gold being produced in the country at an annual rate of 5.6 per cent, the China Gold Association (CGA) announced.

Since 2001, the CGA said that China has seen a rise from 181 tonnes of gold to last year's total tonnage of 240.08. This represents a record year-on-year high.

Commenting on the development, the Chinese news provider, People's Daily Online, reported that it was gold reforms put in place by the Chinese government that heralded a "new era in gold development".

The gold jewellery market in China is also undergoing growth at the present time as sales of jewellery and gold combines were found to have upped by 20 per cent per year, People's Daily Online claims.

Sales of both gold and jewellery at present stand at 1,400 billion yuan (£90.7 billion) and according to Shanghai Daily, the most popular type of gold in China is 24-carat. However, the World Gold Council expects 18-carat gold demand to rise this year, with the gold body promoting so-called K-gold in the country.

 

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