Undoubtedly, the jewelry trade is one of the biggest economic branches in a number of countries around the globe. Millions of people make living thanks to the mining and processing of precious metals. This article describes some of the largest gold markets in the world.
India holds the largest market of gold jewelry in the world selling a staggering 746 tons of gold in 2010. Hindus actively follow the market when picking out jewelry. 75% of the women admit that they are on a constant lookout for new designs. Even though 50% of all jewels are bought as gifts for weddings, wedding anniversaries are rapidly becoming the second most popular occasion for giving gold. The Dhanteras festival is traditionally the best day for jewelers, registering the most sales for a single day. The Akshaya Tritiya festival in May is also looked forward to by jewelers, the sales of gold during it increased by 28% last year. Hindi culture and mythology are deeply connected with gold, long-standing traditions in workmanship and skill make the jewels manufactured in this country unparalleled, and a big part of them are still hand-made, which is an added bonus. Every region of the country has its own symbols and designs, which are worked into quality gold with a high carat.
China is the fastest-growing market for gold jewelry in the world. In 2010 it sold 400 tons of gold. Chinese manufacturers appreciate only the highest quality and purity, with more than 80% of their jewels being made out of pure 24-carat gold. In China, gold takes a central place at weddings. This year 6.6 million brides are expected to receive a golden ring during their wedding ritual. As a result over 75% of city-dwelling women in China own substantial amounts of golden ornaments. Since Chinese economics show good results in agriculture and growth of fiscal abilities in rural areas, a nationwide rise in gold production and trade is expected this year. Big segments of the Chinese people look at their golden jewels as an investment and know their value. Also, wearing gold makes one feel good, which in Chinese culture is extremely important. The so-called K-gold was recently released on the Chinese market in collaboration with leading manufacturers and jewelers. This is a branded 18-carat gold that is seen as a catalyst for new concepts and ideas.
The United States sold 129 tons of gold in 2010, which makes the country one of the most important markets in the world. The American market is dominated by jewels intended for gifts with over 50% of the revenue coming from jewels or sets that cost over $1000. 2/3 of Americans consider gold a solid investment but also think that it should be preserved for the following generations. 72% of American women consider it to be an eternal gift. Weddings, birthdays, and anniversaries are among the most popular occasions for giving gold, but lately, there has been a steady tendency for giving golden gifts without an occasion.