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Tuesday, 20th April 2004 (5850 views)

Gold jewellery is replacing platinum as the favourite metal for fashion among Chinese consumers.<BR/><BR/>18-carat gold items are being favoured above more expensive platinum and 24 carat pieces that gave off a less polished and rougher appearance.<BR/><BR/>Albert Chang, the managing director of Far East for the World Gold Council told Reuters: "Platinum prices have risen sharply this year, making gold increasingly attractive for China's new consumers. Eighteen-carat gold looks more refined and shiny and still costs less than platinum would."<BR/><BR/>Last year China consumed 206.7 tonnes of gold and 200.7 tonnes of this was sold as gold jewellery.<BR/><BR/>The new trend is thought to help boost China's gold mining sector, which is now cited as the fourth largest producer.<BR/><BR/>At present the precious metal sells for $405 an ounce, an increase of 43 per cent compared to January 2002.

 

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