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India leads in global gold consumption: WGC
By agencies
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Thursday, 02 June 2005, 19:30 IST
LONDON: World demand for gold was "incredibly strong" in the first quarter of 2005, notably in the jewelry sector in India, the World Gold Council said.
Demand rose 26 percent to 977 tons from the first quarter in 2004, the WGC said in a report published in London.
The jewelry sector saw demand rise 19 percent to 528.20 tons from a year ago. In India, the world's biggest gold consumer, demand soared 72 percent on a 12 month basis.
India accounts for about 20 percent of global gold demand, with the precious metal prized for jewelry bought for social occasions, such as weddings and festivals.
Elsewhere, gold demand rose 28 percent in Turkey, 13 percent in China and 3.0 percent in the United States, but fell 6.0 percent in Italy, the WGC said.
"We've seen an incredibly strong quarter for gold demand, both in jewelry and investment," said WGC chief executive James Burton.
"We are particularly encouraged to see that the upward trend in gold jewelry demand over the last two years has been sustained.