WGC plans push for China gold market and demand

goldbars_85888944.jpg

Council teams with China Gold Association to drive knowledge of metal.

The World Gold Council (WGC) and the China Gold Association have today signed a Comprehensive Strategic Cooperation Agreement at the official launch of the China Gold Congress & Expo 2014, in a bid to enhance global understanding of the gold market and supply chain and China’s role within it.

The two organisations plan to exchange research, data insights and together develop "innovations for gold in investment, technology and jewellery".

A statement released by the WGC outlines how the Chinese gold market has grown exponentially in the past 10 years; its jewellery demand has risen by 344% and investment demand is up more than 5,000% in the past decade.

Story continues below
Advertisement

The WGC describes China as "at the centre of the global gold market", and as the engine driving the shift from West-to-East in terms of wealth creation, economic growth and gold production and consumption.

Commenting on the partnership, Aram Shishmanian, chief executive of the World Gold Council, said: “China has made many significant contributions to the global gold market and will play an increasingly important role in the future. The partnership supports the China Gold Association’s ‘Stepping Out and Inviting In’ policy and although the World Gold Council has been active in China since 1993, this partnership will allow us to build even stronger ties with our Chinese counterparts, setting the foundations for the next decade of growth both domestically and on the global stage.”

Song Xin, president of the China Gold Association said today: "This partnership aims to realise our shared ambitions to encourage international enterprise in China and shape the ongoing growth of this important and rapidly changing market. The World Gold Council is a strong advocate for the development of the gold market. The collaboration at this year’s China Gold Congress marks the first step in a long-term relationship which we intend to foster over the coming years.”

Key issues for debate at the China Gold Congress currently underway in Beijing will include innovation and internationalisation of the gold market; gold mining, exploration and market trends and gold’s role in technology, both current and future.

Hosted by the China Gold Association and the World Gold Council, the Congress and Expo will cover the entire gold value chain.

The Congress will see in excess of 1,800 attendees and key participants at the event include senior Chinese and global gold mining companies, including World Gold Council members Newmont Mining Corporation, Barrick Gold Corporation and Eldorado Gold Corporation, major exchanges such as the Shanghai Gold Exchange, Shanghai Futures Exchange, Toronto Stock Exchange, Comex and CME and major banks and financial institutions such as ICBC, Min Sheng Bank, RBC, ANZ and Standard Bank.
 

Authors

*

Related posts

Top