China Records Sustained Growth in Jewellery Sales

Beijing: Retail sales of gold, silver and jewellery in China were up 7.8 percent in the first four months of the year, indicating further signs of improvement in the market, according to data released by the National Bureau of Statistics of China.

Sales rose to around $15 bn from January to April compared to the same period a year ago. Retail sales in April alone also registered a year-on-year growth of 7.5 percent to about $3.32 bn.

China’s jewellery industry started regaining its sparkle in December 2016 when sales recorded a 4.8 percent increase to $4.7 bn.Overall sales in 2016 registered a flat year-on-year growth to around $43.68 bn, which indicated an improvement from a continuous drop in sales since the beginning of 2016.

The China Gold Association earlier said gold consumption in China remained strong in the first quarter of 2017, mainly attributed to high demand for gold jewellery during the Chinese New Year, the report explained.

Besides gold jewellery, gold bars recorded a significant year-on-year growth of 60.18 percent to 101.19 tonnes. Gold bars are increasingly becoming popular in China as a hedging tool, the report added.