BEIJING (Commodity Online) : Global leader in gold production, China on Friday also opened up a campaign to become No 1 in consumption too by releasing the first national standards on "high pure gold”.
According to China’s National Gold Standardization Technical Committee, with the adoption of new national standards, the technology of manufacturing high pure gold will be gradually introduced into the consumers' market.
The move is expected to promote the development of the country's gold industry and bring new changes to the market of gold investment and consumption. China remained second largest gold consumer behind India.
High pure gold as it is called in the standards, refers to the gold with purity of 99.999 percent, or "five nines," and is also the highest purity so far.
A gold ornament with an amount of metal reaching 99 percent is called "pure gold," and more than 99 percent is called "thousand pure gold."
Currently in the Chinese market, the highest purity level of a gold ornament usually reaches 99.99 percent, or "four nines."
With the purity of 99.999 percent, the "high pure gold" used to be used in high-tech industry, such as aerospace. It requires a higher quality of the raw material and a more complicated technological craft.
The new standards, approved by the the General Administration of Quality Supervision, Inspection and Quarantine and the Standardization Administration of China, went into effect this month.
