HONG KONG (Commodity Online): Chinese gold imports from Hong Kong surged over 250% last year, as per figures released by the Hong Kong Census and Statistics Department. China is one of the worlds largest consumer of gold in the world.
Gold imports from Hong Kong to China rose from 118,904 Kg in 2010 to 427,877 Kg in 2011, an increase of 259%. Chinese imports from Hong Kong in December dropped around 60%. Some analysts attribute the decline to the over-the-top imports in November, when the country imported a record 102.8 tonnes.
New year buying from the Chinese seem to have revived the huge appetite with initial day sales reportedly exhibiting an increase of around 50%. in fact, sales of gold, silver and jewellery rose by 57.6% at Caibai, one of the most well known retailers in Beijing.
