Israel's polished diamond exports dropped by 28%

Exports of rough diamonds decreased by 59%

Post By : Diamond World News Service On 16 May 2009 8:46 AM
The World Gold Council (WGC), a group that represents the producers of the precious metal, said global demand for gold during the first quarter of 2007 reached $17.4 billion, up 22 per cent versus the same period a year ago. In tonnage terms, gold demand rose 4 per cent to 831.7 million tonnes, according to figures compiled independently for WGC by precious metals consultancy, GFMS Ltd.%%Worldwide jewellery consumption in the three-month period rose by 38 per cent to $11.96 billion in dollar terms, and grew by 17 per cent to 572.8 tonnes in terms of volume.%%India’s total consumer gold demand rose by 50 per cent to 211 tonnes in the first quarter. “Strong economic growth and the onset of the wedding season played a role here, but, more importantly, the development provided strong evidence of consumers’ comfort with gold prices above the $650 mark,” the WGC said in a statement.%% Consumer demand for gold jewellery in India soared by 48 per cent to 147 tonnes, while net retail investment comprising bar hoarding, official and imitation coins grew by 55 per cent to 64 tonnes.%%The WGC forecast a positive second quarter with increased jewellery demand in most key markets. “The Akshaya Thritiya festival, originally considered an auspicious day for starting new ventures, investing or buying in southern India, but now promoted by WGC as a nationwide gold-buying occasion, was highly successful,” it remarked.%%Net retail investment was 28 per cent higher than the first quarter of 2006 in tonnage terms and 51 per cent higher in dollar terms, the WGC said. However slower growth of exchange traded funds, compared to last year, resulted in total identifiable investment falling 26 per cent in tonnage terms and 13 per cent in dollar terms.%%WGC chief executive officer, James Burton, said, “This has been a very encouraging quarter. After a 2006 dominated by price volatility, the more stable start to 2007 has clearly encouraged more active jewellery buying, in line with our expectations.”

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