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Wednesday, 30th May 2007 (5323 views)

Sales of gold and jewellery in China increased in April 2007, it has been revealed.

Retail sales on the whole increased in the far eastern country by 15.5 per cent to approximately $87 billion (£59 billion).

Gold, silver and jewellery sales increased by more than 30 per cent, with 61 per cent of executives in China saying they will increase their employment rate in the next quarter of 2007, Bloomberg reports.

According to the news agency, the total sales increase is China's largest increase since May 2004.

"This is encouraging," Bloomberg quoted Sun Mingchun, Lehman Brothers Holdings economist as saying.

"But it's too early to say whether it can be sustained, because part of the increase was supported by the stock market," the analyst added.

Resource Investor recently reported that according to an actuary at the Western China Mining Summit 2007, the country is likely to become the world's largest gold producer by 2010.

 

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