Gold production increases at average annual rate of 5.6%

China is now the gold and jewelry trade center of the world, with the volume of sales increasing at an annual rate of approximately 20%. Gold and jewelry trade has become an industry with a lot of potential.

The China Gold Association announced on April 25 that China's gold production has grown from 181 tons in 2001 to 240.08 tons in 2006, an average annual growth rate of 5.6% and all time year-on year high.

Following the reform of the gold system, China's gold industry entered a new era in gold development. The gold industrial system was increasing perfected. A number of large and medium-sized enterprises sprang up rapidly and flourished. Bullion investment and paper gold became more common. China's gold market is gradually changing.

In the meantime, China's gold and jewelry market developed rapidly. The quantity of sales has increased at an annual rate of approximately 20%. China is now the third biggest consumer of gold in the world. Total sales of gold and jewelry were valued at more than 1,400 billion yuan, and exports were valued at US$5.49 billion. China has become one of the largest gold and jewelry trade centers in the world.

In the last few years, China Gold Association has proposed 20 standards for the gold industry according to the plan of the State Development and Reform Commission, and completed the preparatory work for the establishment of a China Gold Industry Standardization Technical Committee. It has laid a solid foundation for standardizing the development of China's gold industry and further improving its international competitiveness.