Jewellery Demand Gold jewellery represents the largest source of annual demand for gold per sector.
According to World Gold Council data for gold consumption by country, the jewelry manufacturing industry uses the most gold. So much so that 63% (2,086 metric tons) of total global gold consumption by industry is funneled into jewelry making and fabrication.
China is the leader of the most gold buying country. China is the world's top bullion buyer. China being at the top of the list should be of little surprise considering its vast population.
Because of its inherent properties, gold is used in the medical, electronics, automotive, defense and aerospace industries. It is also increasingly used as a catalyst in many industrial processes. Gold has many medical applications.
The biggest gold producer in Australia is the mining company Newcrest Mining Limited ($NCM), which is headquartered in Melbourne. Other major gold producers in the country include Evolution Mining ($EVN) and Northern Star Resources ($NST).
The leading gold mining countries
China, Australia, Russia, and Canada are respectively the largest producers of gold in the world, as of 2022.
The main destination of Gold exports from Australia are: China ($5.86B), Hong Kong ($2.33B), Singapore ($1.95B), India ($1.42B), and Switzerland ($1.33B). The fastest growing export markets for Gold of Australia between 2020 and 2021 were China ($4.73B), India ($1.14B), and Hong Kong ($1.03B).
Either way, there is financial uncertainty. Precious metals are the counterbalance to that uncertainty. Russia, China, Brazil, Egypt, India, Turkey, Qatar, and many other countries are stockpiling gold to overthrow the Dollar and ensure sovereignty.
Currently, the world's largest source of gold is located in the Witwatersrand basin. This area in South Africa has provided a large amount of the world's gold. It is also believed that there is still about 40% of the basin that has yet to be mined and still holds much more gold.
Countries such as Switzerland, Australia, and Canada are known for producing high-purity gold, while countries such as China and Russia are the largest producers of gold in the world.
In 2021, Switzerland's gold exports amounted to a value of nearly 87 billion U.S. dollars. Switzerland is consistently the world's leading gold exporting country based on value. The United Kingdom was the second-largest gold exporter that year, with exports worth less than half as much as Switzerland's.
The highest karat of gold is 24K gold. 24 karat gold is 100% pure and doesn't contain any other metals, making it the purest gold available. This means that it has zero impurities and is usually softer than lower karats—10K and 14K. There are many different karat levels of gold.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
Today, many of the world's wealthiest individuals, such as Ray Dalio, John Paulson, Lord Jacob Rothschild and Naguib Sawiris, recognize the benefits of holding gold as part of their investment portfolios.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
1. Cadia Valley or Cadia-Ridgeway Mine. In terms of gold production, the Cadia Valley gold mine officially stands as Australia's biggest mine. In 1992, Newcrest Mining discovered the Cadia Hill gold-copper porphyry deposit and in 1994 Cadia East was discovered.
As the country with the largest known gold resources in the world, Australia has a significant opportunity to supply the world's growing demand for gold.
Where is All the Gold? The World Gold Council estimates that miners have historically extracted a total of 201,296 tonnes of gold, leaving another 53,000 tonnes left in identified underground reserves.
Johannesburg, also known as Jo'burg or Jozi, is the largest city in South Africa and is known as the Gold Capital of the World. In 1886, gold was discovered in the Witwatersrand region of South Africa, which led to a gold rush in the area.
China. China is the number one producer of gold in the world.
Mount Whaleback Mine in Western Australia, was the largest mine in Australia, producing approximately 88.8 million metric tons per annum (mmtpa) of Run-of-Mine (ROM) in 2021. The Mount Whaleback Mine is owned by BHP;Mitsui & Co Ltd;Itochu Corp, and is due to operate until 2037.
Australia is known to have the largest share of gold resources in the world and it exports gold to over 55 countries. The gold industry contributed $23 billion to Australia's economy in 2021 and it's an essential contributor to government revenues.