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World's top 10 buyers & producers of gold

April 30, 2009 18:34 IST

World's top 10 buyers & producers of gold

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Gold has held mankind enraptured since time immemorial. It has been prized for its beauty, easy workability, indestructibility, and value.

The average global demand for gold in the past 10 years has been mainly for jewellery at 76 per cent, followed by industrial applications of 14 per cent and 10 per cent for investors. The available gold supply is from new mining, reclaimed scrap, official or new bank sales and gold loans made from official reserves.

there are five international gold trading centres: New York, London, Zurich, Tokyo and Hong Kong.

But who are the world's largest buyers and producers of gold? Click here to find out!


Image: Gold bars are stored on a table at a plant of gold refiner and bar manufacturer Argor-Heraeus SA in the Swiss town of Mendrisio
Photographs: Arnd Wiegmann/Reuters
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World's top 10 buyers & producers of gold

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India, world's number one buyer of gold!

The craze for the yellow metal in India is phenomenal. It has traditionally been the world's largest consumer of gold. India buys an average of 800 tonnes of gold every year and its total jewellery market is worth more than $20 billion.

However, in recent times the demand for gold in India has waned slightly, with the price of the precious metal zooming to record highs. Yet, the country remains the largest buyer of gold, at 770 tonnes in 2007.

Source: GFMS (Gold Field Mineral Services)


Image: A visitor admires a gold necklace on display at the Gem & Jewellery India International Exhibition 2009 in Chennai.
Photographs: Babu/Reuters
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World's top 10 buyers & producers of gold

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China: 2nd largest buyer; number one producer

Beijing has gold holdings of 1,054 tons, up from 600 tons in 2002, and still wants to buy more gold.

China produced 280.5 tons of gold in 2007, making it the world's number one producer of the precious metal.

China is also the world's second largest buyer of gold. It bought 328 tons of gold in 2007.

Source: GFMS (Gold Field Mineral Services)


Image: Lam Sai-wing, chairman of Hang Fung Gold Technology Group, poses in a golden bathtub in an exhibition hall decorated with two tonnes of gold next to his jewellery shop in Hong Kong.
Photographs: Bobby Yip/Reuters
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World's top 10 buyers & producers of gold

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USA: 3rd largest buyer; 4th largest producer

The United States of America is the world's third highest buyer of gold. In 2007, it purchased 275 tons of the yellow metal.

However, the US is also the world's fourth largest producer of gold. In 2007, it produced 240 tons of gold.

Source: GFMS (Gold Field Mineral Services)


Image: A worker checks the quality of a commemorative gold medal with the face of US President Barack Obama
Photographs: Petr Josek/Reuters
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World's top 10 buyers & producers of gold

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Turkey: 4th largest buyer

Turkey is the world's fourth largest buyer of gold. In 2007, it bought 250 tons of the precious metal.

Source: GFMS (Gold Field Mineral Services)


Image: Melted gold flows out of a smelter into a mould at a plant of gold refiner in Istanbul, Turkey.
Photographs: Osman Orsal/Reuters
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