Figures release by the National Bureau of Statistics of China in mid-May said that China’s wholesale and retail sales of gold jewellery in April 2014 reached RMB 20.8 billion, a sharp drop of 30 percent compared with the same month of 2013, while in March the sales totalled RMB 22.3 billion, down 6.1 percent compared with the same month last year.
The total sales of gold jewellery in Q1 2014 were RMB 80.8 billion, decreased 4.7 percent compared with the same period of 2013. From February to April, the figure was RMB 101.1 billion, decreased 4.8 percent compared with the same period of last year.
According to China Gold Association(CGA), China’s Q1 2014 gold consumption hit 322.99 tons, up 2.45 tons or 0.76 percent year-on-year. Gold jewellery purchases jumped 30.2 percent to 232.53 tons, while gold bar consumption slumped 43.56 percent to 67.95 tons. Moreover, in the first quarter of this year, China's gold production reached 96.50 tons, an increase of 7.33 percent or 6.592 tons from a year earlier.
According to the Gold Demand Trends Q1 2014 of Word Gold Council (WGC), the year-on-year decline in the sector was significantly affected by the magnitude of retail investment in Q1 2013. The investors adopted a wait-and-see strategy until a clearer price trend emerged.
The report also shows that seasonal demands were particularly notable in China. Gold investment demand was fostered by the Chinese New Year and the closely followed Valentine’s Day which, together with the gifting tradition, drove up jewellery consumption to a record high in first quarter.
(Photo courtesy:Shenzhen Sunfeel Jewelry Co Ltd)
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