Retail focus shifts east: the rise of India and China Around 50% of the gold produced today becomes jewellery, so most of the world’s retailing in gold is driven by the jewellery trade. By comparison, other products containing gold, such as mobile phones and computers, account for a relatively small proportion of gold retailing. In fact, all industrial uses (excluding jewellery manufacture) account for only about 11% of the annual demand for gold, with the remaining 29% of total demand coming from governments and private investors alike.
In 2010, the world consumed 2,017 tonnes of gold jewellery, which was valued at approximately $79 billion.
Women drive Indian gold consumptionRapid growth in the economies of India and China has been accompanied by an equally rapid increase in demand for gold jewellery in those countries. Today, India is the world’s largest market for gold jewellery, representing about 746 tonnes of gold in 2010; an increase in volume year on year of 39.5%. This reflects both the increased wealth of the country and the huge cultural and social significance of gold among Indians, and particularly Indian women.
Indian women are estimated to hold about 18,000 tonnes of gold in jewellery form. When contrasted with the 8,600 tonnes estimated to be in the US national gold reserve, this illustrates both the scale of the demand for gold jewellery in India and the massive purchasing power of Indian women. It also signifies the cultural significance of gold in India, where it plays an important role at weddings and other celebrations.
China is the fastest-growing market for gold jewellery in the world; it grew 20.5% in volume in 2010, accounting for 400 tonnes of demand. More than 80% of gold jewellery in China is made from pure 24 carat gold.
High-value gifts dominate US retailingNotwithstanding the rise of India and China, the US remains one of the world’s most significant consumer markets. In 2010 it accounted for 129 tonnes of gold in jewellery. US consumers value gold jewellery for its beauty and for sentimental reasons, while also recognising it as a long-term investment. More than 50% of the total value of gold jewellery at retail is created by pieces over $1,000.
http://www.goldfacts.org/en/supply_chain/retailing/
In 2010, the world consumed 2,017 tonnes of gold jewellery, which was valued at approximately $79 billion.
Women drive Indian gold consumptionRapid growth in the economies of India and China has been accompanied by an equally rapid increase in demand for gold jewellery in those countries. Today, India is the world’s largest market for gold jewellery, representing about 746 tonnes of gold in 2010; an increase in volume year on year of 39.5%. This reflects both the increased wealth of the country and the huge cultural and social significance of gold among Indians, and particularly Indian women.
Indian women are estimated to hold about 18,000 tonnes of gold in jewellery form. When contrasted with the 8,600 tonnes estimated to be in the US national gold reserve, this illustrates both the scale of the demand for gold jewellery in India and the massive purchasing power of Indian women. It also signifies the cultural significance of gold in India, where it plays an important role at weddings and other celebrations.
China is the fastest-growing market for gold jewellery in the world; it grew 20.5% in volume in 2010, accounting for 400 tonnes of demand. More than 80% of gold jewellery in China is made from pure 24 carat gold.
High-value gifts dominate US retailingNotwithstanding the rise of India and China, the US remains one of the world’s most significant consumer markets. In 2010 it accounted for 129 tonnes of gold in jewellery. US consumers value gold jewellery for its beauty and for sentimental reasons, while also recognising it as a long-term investment. More than 50% of the total value of gold jewellery at retail is created by pieces over $1,000.
http://www.goldfacts.org/en/supply_chain/retailing/
RSS Feed
