According to a statement from the China Gold Association, the nation's 2021 gold consumption rose by more than 36 per cent from the year 2020, as its economy rebounded from the coronavirus impact.
Gold consumption in China, the world's largest consumer, rose 36.53% year-on-year to 1,120.9 tonnes. It was also up 11.78% compared with consumption in 2019, before the pandemic.
The association in a statement said: "In 2021, under the remarkable results of China's overall economic development and epidemic prevention and control, domestic gold consumption generally maintained a recovery trend and achieved rapid growth compared with the same period in 2020."
Growth in China's gold consumption was led by gold jewellery, jumping 44.99% to 711.29 tonnes on year. Gold bars and coins consumption gained 26.87% in 2021 to 312.86 tonnes.
China's economy rebounded in 2021, with its best growth in a decade, helped by robust exports in a post-coronavirus lockdown comeback.
The association also said that the country's gold output in 2021 fell 9.95% y-o-y to 328.98 tonnes. The annual decline in output was attributed to the shutdown of mines in Shandong and Henan, China's major gold-producing provinces after some gold mine accidents required safety inspections and rectifications.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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