China Gold Association and the World Gold Council partner to advance understanding of the gold market
Published 11 September, 2014
The World Gold Council, the market development organisation for the gold industry, and the China Gold Association have today signed a ‘Comprehensive Strategic Cooperation Agreement’, at the official launch of the China Gold Congress & Expo 2014 on Sept 11, 2014, in Beijing.
Together, the organisations aim to enhance the global understanding of the gold market and supply chain and China’s role within it through the exchange of research, data insights and developing innovations for gold in investment, technology and jewellery.
The Chinese gold market has grown exponentially in the last 10 years. Jewellery demand has risen by 344% and investment demand is up over 5000% in the past decade. Mine supply has risen 267% in the last 20 years. China is now at the centre of the global gold market - the engine driving the shift from West-to-East in terms of wealth creation, economic growth and gold production and consumption. The factors driving gold demand in China: a deep rooted pro-gold culture; an increasingly middle class population set to number 500 million by 2020; consistent economic growth and a supportive government, suggest that there is also significant room for further growth.
Song Xin, President of the China Gold Association said at today’s signing ceremony:
“This partnership aims to realise our shared ambitions to encourage international enterprise in China and shape the ongoing growth of this important and rapidly changing market. The World Gold Council is a strong advocate for the development of the gold market. The collaboration at this year’s China Gold Congress marks the first step in a long-term relationship which we intend to foster over the coming years.”
Commenting on the partnership, Aram Shishmanian, CEO of the World Gold Council, said:
“China has made many significant contributions to the global gold market and will play an increasingly important role in the future. The partnership supports the China Gold Association’s ‘Stepping Out and Inviting In’ policy and although the World Gold Council has been active in China since 1993, this partnership will allow us to build even stronger ties with our Chinese counterparts, setting the foundations for the next decade of growth both domestically and on the global stage.”
Key issues for debate at the China Gold Congress currently underway in Beijing will include:
- Innovation and internationalisation of the gold market
- Gold mining, exploration and market trends
- Gold’s role in technology current and future
Hosted by the China Gold Association and the World Gold Council, the Congress and Expo covers the entire gold value chain.
The Congress will see in excess of 1,800 attendees and key participants at the event include senior Chinese and global gold mining companies, including World Gold Council members Newmont Mining Corporation, Barrick Gold Corporation and Eldorado Gold Corporation, major exchanges such as the Shanghai Gold Exchange, Shanghai Futures Exchange, Toronto Stock Exchange, Comex and CME and major banks and financial institutions such as ICBC, Min Sheng Bank, RBC, ANZ and Standard Bank.
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World Gold Council
The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.
We develop gold-backed solutions, services and markets, based on true market insight. As a result, we create structural shifts in demand for gold across key market sectors.
We provide insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.
Based in the UK, with operations in India, the Far East, Europe and the US, the World Gold Council is an association whose members include the world’s leading and most forward thinking gold mining companies.