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Jewellery drives gold demand in 2010 : Read more....
Company: »World Jewellery Market      News Date: 2011-02-19      « Back

World Gold Council’s Gold Demand Trends for 2010, released this week, indicates that the decade closed on a highly positive note for gold, despite the sizable 40 per cent increase in the annual average price level between 2008 and 2010. The year saw demand hitting a 10-year record of 3,812.2 tonnes, driven by demand for jewellery, which rose 17 per cent to 2059.6 tonnes for the year and by 13 per cent (575.2 tonnes) in the fourth quarter, which coincides with the festive season in many parts of the world.
The increased jewellery demand and its core contribution to leading global gold demand, indicates that consumers appear to have adjusted to the higher prices, particularly in the key Asian markets. While India has traditionally been the world’s largest gold consumer, 2010 saw another strong jewellery market, China. The two countries together accounted for 51 per cent of total jewellery and investment demand during the year. Interestingly, while jewellery demand was up 69 per cent in India, in China investment demand rose by an amazing 70 per cent.
Global investment demand although has seen a drop of around 2 per cent in 2010, but this must be seen in the context of the unusual surge in investment demand during 2009; at about 1300 tonnes, it was still the second highest year on record. The overall revival in jewellery demand is encouraging for the gem and jewellery sector, as it enters a new year and faces the season of festivals ahead.

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