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China produces 224 tonnes of gold in 2005

China produces 224 tonnes of gold in 2005
23 Feb 2006

Beijing: China, the world's fourth largest gold producer, achieved a 5.51 per cent increase in its output last year to touch 224 tonnes.

China's gold production enterprises achieved a record USD 503 million in profits last year, an increase of 32.7 per cent year on year, 'China Business News' reported, quoting statistics from the China Gold Association.

China Gold Group and the Shandong Gold Co. Ltd. Now rank among the world's top 15 gold producers, it said.

China has a large number of consumers of gold products. Both its gold output and sales volume rank fourth in the world.

In 2005, China imported various kinds of jewellery worth USD 3.47 billion, jumping 30.76 per cent year on year, according to figures from the China Chamber of Commerce for Import and Export of Light Industrial Products and Arts-Crafts.

As China's economy continues to grow, Chinese families are spending more money not only on durable electronic products such as colour TVs, computers and digital cameras, but also on luxuries such as jewellery and fine watches.

China now ranks second in the world after the United States in domestic jewellery sales, with an annual sales volume exceeding USD 12.5 billion.

China mainly imports jewellery from the European Union, South Africa, India, Japan, Israel and Switzerland.


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