Wednesday, 25th February 2004 (5161 views)

The Chinese demand for gold is set to rise according to officials and experts at the 2004 China Gold Summit.

Addressing the conference, a series of officials described how the opening of Shanghai's gold exchange and the opening of the market would begin to trickle down to consumer demand.

Cheng Fumin, head of China Gold Association, told Xinhuanet that individual citizens would be attracted to gold, both as an investment opportunity and in the development of new products.

Mr Fumin argued that the new freedom would see more products developed using gold, with demand creeping up.

It was a sentiment echoed by Shi Hongyue, deputy secretary general of the China Gem Association, who pointed to gold jewellery as a sector set for growth.

While 250 tons of gold was used to make jewellery in China in recent years, that total is expected to hit 500 tons within just three or four years.

The association also says China's gold output hit a record high of 200.598 tons last year, a figure which has doubled since 1995.

The summit also featured signatures to the '2004 China Gold Declaration', which promised to improve gold product quality and services, as well as a gold jewellery competition to identify the best designs.

 

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