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Chinese Gold Output January to August up 8% year on year

31 october 2013

Output from the world's largest gold producer, China has advanced sharply, up 8.18% year on year to 270.167 tonnes from January to August 2013, according to data released by the China Gold Association. In August 2013, the country produced 38 tonnes of gold, while China’s July gold production reached 40 tonnes.
According to the data revealed by the Association, gold output for the above period posted an increase by 6% to 220 tonnes.
Gold production increased by 24 tonnes in July compared to the past year, - an increase of 11.48%.
The World Gold Council has noted that China is the world’s leading producer of gold for the sixth year in a row, with output around 100 times what it was in 1949.
Albert Cheng, the World Gold Council's managing director for the Far East had told newswire agencies recently at a conference in Rome, that a 1,000 tonne market would probably be achieved for China,  out of a global yearly market of around 4,400 tonnes made up of 2,800 tonnes from mine production and 1,600 tonnes of already existing gold.
He added that there were an estimated 100,000 gold jewellery stores in China and 20 banks selling gold ingots or gold linked investment accounts.
China is the biggest gold jewellery producer, catering to about 60% of global production. Its gold consumption is expected to more than double the output of bullion by 2015, according to predictions by the Ministry of Industry and Information Technology.

Dasha Platonova, Editor in Chief of the Asian Bureau, Rough&Polished