Tuesday, 20th April 2004 (4187 views)

Gold jewellery is replacing platinum as the favourite metal for fashion among Chinese consumers.

18-carat gold items are being favoured above more expensive platinum and 24 carat pieces that gave off a less polished and rougher appearance.

Albert Chang, the managing director of Far East for the World Gold Council told Reuters: "Platinum prices have risen sharply this year, making gold increasingly attractive for China's new consumers. Eighteen-carat gold looks more refined and shiny and still costs less than platinum would."

Last year China consumed 206.7 tonnes of gold and 200.7 tonnes of this was sold as gold jewellery.

The new trend is thought to help boost China's gold mining sector, which is now cited as the fourth largest producer.

At present the precious metal sells for $405 an ounce, an increase of 43 per cent compared to January 2002.

 

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