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Gold Jewellery Consumption In China Last Year Was 6% Higher Than In 2019

Gold jewellery demand in mainland China continued last year's strong performance over the Lunar New Year period, according to a report from UK research firm Metal Focus Ltd. The report pointed out that the Lunar New Year from the end of January to the beginning of February is the most important festival for China's gold jewelry consumption, which can account for about 30% of the annual consumption. According to the report, the consumption of gold jewellery during the Chinese New Year in mainland China this year is basically the same as last year, but it must be emphasized that last year was a very strong year for gold jewellery consumption, which means that the demand for gold jewellery since the beginning of the year will also be quite strong. Strong gold jewellery consumption during the Lunar New Year period has fueled optimism among gold jewellery industry players about demand this year, the report said. There is also growing evidence that mainland consumers view gold jewellery as a quasi-investment commodity. Geopolitical uncertainty, concerns about an economic slowdown, and the lingering global epidemic have continued to drive consumer enthusiasm for the gold market. The report pointed out that in February, there are also Western Valentine's Day and Lantern Festival, which are also important consumer festivals that gold jewelry industry is looking forward to. According to data from the World Gold Council, China's gold jewellery consumption will increase by 63% to 675 metric tons in 2021, which is also 6% higher than in 2019 before the epidemic.
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