Friday, March 21, 2014

'Dama' women behind China's gold demand

(MINEWEB) - Massive gold purchases by Chinese `dama' investors - bargain-hunting, middle-aged women - may have propelled China past India as the largest gold consuming country in the world this year. According to the Xinhua News Agency, the surge in gold demand seen in China was helped by frenzied purchases by these `damas', who were eager to chase cheap deals.
This group consisting mainly of married women between 40 and 60 years of age, grabbed the attention of the world for the first time in 2013. The Wall Street Journal specially created the term `dama' to showcase the urgency of the Chinese ladies in the gold market.

According to statistics released by the China Gold Association on February 12, China's gold consumption for the first time exceeded 1,000 tonnes to reach 1,176.4 tonnes in 2013, a year on year increase of 41.4%. Gold consumption in 2012 was 832.2 tonnes.

Data showed that even as the gold output and consumption in China have set new records, the gap between consumption and output has grown even wider. In the first three quarters of 2013, China's demand for gold totalled 779.6 tonnes, as compared with India's 714.7 tonnes, according to figures previously released by the World Gold Council.

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