Stories of top 3 consumer of Gold in the world
Gold is touching record levels everyday and if analysts have to be believed, Gold prices have way to go before they calm down. Much of the price rise night be happening on paper rather than real exchange of gold. Demand for gold, nonetheless, is rising but certainly not as fast as its price.
India, China and United States are the top three consumers of Gold. Here are the facts about Gold consumption in these countries:
India is the largest market for gold jewellery in the world, representing a staggering 746 tonnes of gold in 2010.
Indian consumers are actively engaged in considering their next piece; 75% of women say they are constantly searching for new designs. Whilst over 50% of gold jewellery is bought for weddings, the wedding anniversary has now become the most aspirational occasion for receiving gold today, extending a couple’s relationship with gold beyond the marriage ceremony.
The festival of Dhanteras, the most auspicious day in the calendar just before Diwali, has traditionally created a strong seasonal surge in sales. However, the strategic development of the Akshaya Tritiya festival in May, together with leading trade partners, has seen phenomenal recent success; sales during that period grew over 28% in the last year.
India’s culture and mythology embrace gold. And India’s traditions of unparalleled craftsmanship and skill are exemplified by the country’s gold jewellery manufacturing, with the majority of pieces still made meticulously by hand. Each region’s symbols and designs are reinterpreted in gold which is overwhelmingly high in caratage.
China is the fastest-growing market for gold jewellery in the world, accounting for 400 tonnes of demand in 2010. Chinese consumers look for the very highest level of purity; more than 80% of gold jewellery in China is made from pure 24 carat gold.
In today’s China, gold takes centre stage in the wedding ceremony as a promise of a long and happy future together; this year, around 6.6 million brides will receive gold at the centre of their rituals. Indeed, as a result, over 75% of all urban Chinese women now own more than one significant piece. As the Chinese economy radiates wealth into rural communities, we anticipate that levels of ownership and participation in gold jewellery will continue to rise across the nation.
Two thirds of Chinese women regard gold jewellery to be as much an investment as a statement of personal style; consumers are keenly aware of the value of what they own. But the same majority also state that wearing gold jewellery every day makes them feel wonderful; in China, the logic of gold seems to be perfectly complemented by its magic.
In collaboration with leading manufacturers and jewelers, the World Gold Council launched K-gold, a branded expression of 18 carat gold, as a catalyst for new concepts and designs. K-gold meets the desires of younger consumers and ensures that gold’s traditions are matched by our innovations.
The USA accounted for 129 tonnes of gold in jewellery during 2010, making it one of the world’s most significant consumer markets.
The US market is dominated by gifting where over 50% of the total value of gold jewellery at retail is created by pieces over $1,000. Unsurprisingly, two thirds of American women say they think of their gold jewellery as an investment, but one to be treasured and handed down to future generations. 72% of US women feel that gold is an everlasting gift. Birthdays, anniversaries and the traditional holiday season dominate occasions for gifts of gold but there is a sustained trend towards a gift for “no special occasion”. Perhaps men have begun to see gold, unlike other forms of jewellery, as spontaneous and profound; increasingly, the intimate, personal nature of gold jewellery combines a public statement with a tender, private message.
The rituals and traditions of gold are still very much alive in America. Over three quarters of American brides say “I do” with a ring of gold. Moreover; the custom of the groom receiving and wearing a wedding band began in this culture in the first half of the twentieth century.