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Wednesday, 25th February 2004 (6445 views)

The Chinese demand for gold is set to rise according to officials and experts at the 2004 China Gold Summit.<BR/><BR/>Addressing the conference, a series of officials described how the opening of Shanghai's gold exchange and the opening of the market would begin to trickle down to consumer demand.<BR/><BR/>Cheng Fumin, head of China Gold Association, told Xinhuanet that individual citizens would be attracted to gold, both as an investment opportunity and in the development of new products.<BR/><BR/>Mr Fumin argued that the new freedom would see more products developed using gold, with demand creeping up.<BR/><BR/>It was a sentiment echoed by Shi Hongyue, deputy secretary general of the China Gem Association, who pointed to gold jewellery as a sector set for growth.<BR/><BR/>While 250 tons of gold was used to make jewellery in China in recent years, that total is expected to hit 500 tons within just three or four years.<BR/> <BR/>The association also says China's gold output hit a record high of 200.598 tons last year, a figure which has doubled since 1995.<BR/><BR/>The summit also featured signatures to the '2004 China Gold Declaration', which promised to improve gold product quality and services, as well as a gold jewellery competition to identify the best designs.

 

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