Xiamen sells RMB920m gold and silver jewellery in Jan-July, up 41.7%

Updated: 04 Sep 2013
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Sales of gold and silver jewellery in Xiamen soared 41.7% to over 920 million yuan, or US$ 148.4 million, in the first seven months this year, accounting for nearly 2% of the total retail sales, according to statistics released by the Xiamen Municipal Statistics Bureau on Monday.

Gold and silver jewellery sales in Xiamen have continued their robust performance in July to hit 114 million yuan, or US$ 18.4 million, a record monthly increase of 64% over the same period of last year, thanks to growing consumption spurred by a further dip in gold prices.

The robust growth recorded in gold and silver jewellery contributed a great deal to total retail sales, which grew by 8.6% to total 55.924 billion yuan, or US$ 9.02 billion, in the first seven months of the year.

The city’s hotels and catering service sector, e-commerce sector, department stores, supermarkets and other sectors, however, posted sluggish performances over the first seven months of this year due to the economic slowdown.

Chinese households came under the spotlight in April this year thanks to their aggressive purchasing of gold products amid the global dip in the price of gold, with dramatic photos showing people thronging to jewellery counters to snap up gold products.

The China Gold Association said gold consumption in China jumped 54% to 706.36 metric tons in the first six months of 2013. Experts estimate the demand may top 1,000 tons this year, besting China's record 832 tons of demand in 2012 and meaning the country would overtake India as the biggest gold buyer. 
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