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The multicultural heritage of gold jewellery

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Global Mining Review,

CRU Group, experts and leaders in the global metals industry, have tracked down the countries who produce the largest amount of gold each year finding that Asia was the largest producer, with China alone producing 370 t of gold in 2020.

Precious metal analysts within CRU Group revealed that gold jewellery can actually be traced back to several countries and they have named those that produced the most of the precious metal commodity last year. The top countries where jewellery could be traced back to are:

  • China: 370 t.
  • Australia: 320 t.
  • Russia: 300 t.
  • Canada: 200 t.
  • US: 189 t.
  • Ghana: 106 t.
  • South Africa: 101 t.
  • Peru: 98 t.
  • Mexico: 98 t.

Experts at CRU estimate that this is set to change in the coming years; while China will still be producing the most amount of gold in 2025 (400 t), the likes of Australia and Mexico will be producing less of the commodity 5 years down the line (214 and 91 t respectively).

The demand for gold around the world is varied; out of the 2920 t of gold that was produced in 2020, 46% of this (1343 t) was fabricated purely for the creation of jewellery, with China demanding the most with 470 t, while Western Europe had the lowest demand at just 40 t.

Kirill Kirilenko, Senior Analyst at CRU Group, said: “CRU analysts anticipate the current expansion cycle in global gold mining to end soon, not only because of the natural thinning of the project pipeline, but due to the appearance of exogenous drivers such as tighter environmental regulations in major producing countries which will also have a negative impact on growth prospects for gold globally.”

“However, the world is unlikely to run out of gold any time soon; not only because most of the metal used is subsequently recovered, but also because of the massive above-ground stocks that have been accumulated since the dawn of civilisation. In other words, there is a piece of gold for everyone. The only question is the price one is willing to pay,” he concluded.

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Gold mining news Precious metals mining news