Despite the recent cooling in consumer sentiment on the Mainland caused by threats of an economic slowdown, retail sales of gold jewellery outperformed all other consumer segments in 2011. We believe that Chinese demand for premium jewellery products and gold bars and coins will continue to prove strong in 2012 as consumers deploy their growing spending power and seek a hedge against inflation. This will perpetuate the trend by which the PRC overtook India last year as the world’s...
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