Friday, 7th December 2007 (3049 views)

Demand for gold jewellery has increased in both India and China this year, reports have indicated.

A report released by Bloomberg earlier this week noted that demand for gold jewellery in China could increase by 20 per cent by the end of the year, which could make the country the world's second-largest gold consumer.

Likewise, figures released by Commodity Online found that consumption of both gems and gold in India increased by 11 per cent on the five-year period ending in 2007.

Around 80 per cent of India's jewellery market is based on gold, with the country representing around 20 per cent of the world's gold consumption.

Some 515 tonnes of the precious metal was used to fabricate jewellery in India in the first nine months of 2007, with China using 221 metric tonnes and the United States utilising 165 tonnes.

It is thought that increasing personal incomes in both China and India are helping the countries increase their demand for gold jewellery.

 

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