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Monday, 5th June 2006 (6942 views)

India has officially been named the world's largest gold jewellery producer, consigning Italy to second place.

Data from the precious metal consultancy GFMS confirms that India produced 539 tonnes of gold jewellery in 2005 compared to Italy's 228 tonnes.

Federorafi, the federation of Italian jewellers, told the Times of India that India's "competitive production costs, better access to global markets due to lower customs tariffs, good product quality and a huge internal market" were key to its success.

It said that high labour costs, a lack of trade reciprocity from other countries, and a high euro exchange rate compared with other currencies, have held the Italian jewellery industry back in recent times.

Federorafi also said that customer tastes are beginning to lean more towards Indian jewellery design and away from the traditional floral designs of the Italian producers.

China occupied the third spot in the league, producing 198 tonnes of gold jewellery, and Turkey took fourth place, producing 197 tonnes.

 

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