China precious metals report looks bullish for jewelry market

A recently released report on China's jewelry market has illustrated the preference that local precious metals buyers have displayed for the luxury items.

China Jewelry Industry Report, 2011-2012, which was recently released by market research firm ResearchInChina, indicated that the nation's annual sales of jewelry increased to RMB300 billion at the end of 2011, which was 2.4 times the value of RMB88 billion experienced in 2000, according to Diamond News.

China was responsible for the purchase of 52.4 tons of platinum jewelry in 2011, which accounted for 68.3 percent of global demand during the period, the media outlet reports. The Asian nation maintained its rank as the world's largest consumer of the precious metal, a position that China has maintained for years.

The Asian nation was responsible for purchasing 456.7 tons of gold jewelry in 2011, which represented an increase of 27.9 percent from the figure of 357.1 tons that was reached in 2010, according to the news source.

The Spring season will observe a plethora of jewelry-related events in China, which will present local precious metals buyers with opportunities for consumption, Women's Wear Daily reports.