China National Gold Group Corporation becomes a member of the World Gold Council
Published 22 September, 2015
Categories: Gold mining and sustainable development
The World Gold Council and China National Gold Group Corporation (China Gold) have today announced that China Gold has now become a member of the World Gold Council and joined the Board. China Gold is currently the only Chinese gold mining company member of the World Gold Council.
The Chinese gold market has grown exponentially over recent decades and China is now the largest market for gold, in terms of both supply and demand. The remarkable growth in gold mine production has been matched by the growth in consumer demand for gold in China and both organisations believe there is plenty of opportunity and scope for further growth in the market.
The key factors driving gold demand in China include; its economic growth, and an increasingly middle class population with a deep-rooted cultural affinity for gold, set to number 500 million by 2020. Additionally, China’s financial reforms, growing consumer demand and market expansion have created favourable conditions for further development and internationalisation of the Chinese gold market.
Randall Oliphant, Chairman of the World Gold Council, said,
“The rapid expansion of China’s gold mining industry has been astonishing. 30 years ago, the country’s annual gold production was estimated at less than 60 tonnes and in three decades the industry has grown over 650% to 462 tonnes. The country’s growing consumer base combined with easy access to gold is, reflected in the remarkable growth in gold demand in the past decade, which is set to continue. We remain optimistic about China’s gold market development and we are determined to play a pivotal role in its future. Our closer relationships with key market participants and the active presence of China Gold on our Board will support this. We are proud to have China National Gold Group Corporation as a Member of the World Gold Council.”
Song Xin, General Manager and Chairman of China Gold, said,
“We have long recognised the World Gold Council as the global authority on gold and greatly value its’ extensive expertise and experience in developing new markets for gold consumers and investors. We believe that playing a more active role in this important organisation will support the Chinese gold mining industry and the whole gold supply chain as it continues to grow and play a greater role in the global market. Our increased interaction with the world’s leading gold mining companies and the World Gold Council’s programmes will also help advance the global understanding of China’s gold market and its wider international impact.
For further information contact:
World Gold Council
T +8610 5877 1037
T +44 203 047 2587
Note to editors:
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.