How is Gold Used?
In 2013, worldwide gold jewelry consumption was 3863 tons, with consumption being 1120 tons in China, 974 tons in India, and 190 tons in the U.S.
In the first quarter of 2014, worldwide gold demand was 1,195 tons (worth $66.2 billion), spurred by growth in demand for jewelry and central banks.In 2014, the gold jewelry industry is heating up, and as per the World Gold Council, turnover in the first quarter was over $23 billion.
According to the World Gold Council, China was the world’s single largest consumer of gold in 2013. Its consumption rose by 32% in a year.
Previously for many years, India was the world’s largest consumer of gold, primarily for jewelry. In China however, gold is used primarily in manufacturing and retail. Worldwide trends have revealed that 50% of the world’s gold goes towards making jewelry, 40% goes towards investments and 10% goes towards industry.