Gold consumption levels in China saw a sharp decline in 2020 amidst the turmoil of the COVID-19 pandemic, which drove a drop in jewellery purchases.
China’s nationwide real gold consumption volume was 820.98 tons in 2020, for a decline of 18.13% compared to the figure for 2019, according to the data released by the China Gold Association (CGA) on 1 February.
CGA data further indicates that full year gold jewellery consumption was 490.58 tons in 2020, for a YoY decline of 27.45%, while gold bar and gold chain consumption was 246.59 tons, for a YoY rise of 9.21%.
Industrial and other consumption was 83.81 tons, for a YoY fall of 16.81%.
Raw gold production in China was 365.34 tons in 2020, for a decline of 3.91% compared to 2019, and raw gold imports were 114.16 tons in 2020, for a YoY decline of 5.02%.