In line with increasingly strong trade ties between Dubai and China, the emirate and the People’s Republic are actively exploring opportunities to enhance cooperation in the gold trade, according to senior executives at DMCC. Following DMCC's participation at the Asia Gold Focus 2009 Conference in Guangzhou, China, where investment strategies for the Dubai gold market was highlighted, it was observed that Chinese gold and jewellery manufacturers are increasingly eager to work closely with Dubai-based companies.
The Conference highlighted several important aspects of the potential role of China in the international gold market – for example, in 2008 China was the world’s largest gold producer, second-largest consumer and fifth-largest holder of gold reserves. During the same period, Chinese per capita gold consumption grew by eight per cent – at a time when few international markets registered any increase at all. Yet per capita gold consumption among Chinese consumers remains extremely low by global standards at just 0.2 grammes per person. This compares to the world average of 1.3 grammes per person and 19.6 grammes per person in the UAE, one of the most vibrant international markets for the precious metal
The Conference highlighted several important aspects of the potential role of China in the international gold market – for example, in 2008 China was the world’s largest gold producer, second-largest consumer and fifth-largest holder of gold reserves. During the same period, Chinese per capita gold consumption grew by eight per cent – at a time when few international markets registered any increase at all. Yet per capita gold consumption among Chinese consumers remains extremely low by global standards at just 0.2 grammes per person. This compares to the world average of 1.3 grammes per person and 19.6 grammes per person in the UAE, one of the most vibrant international markets for the precious metal
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