Top 10 gold buyers in the world 2011
Since its discovery, gold has been a widely desired precious metal. It is coveted for its monetary and symbolic value.
Gold mining industry plays a very important role in the national economy.
As of 2010, about 165,000 tons of gold had been mined throughout history. The year of 2011 was an outstanding year for gold. The gold demand in 2011 grew 9% compared to last year, reaching 3,812.2 tons, valued at US$150 billion, according to a report by the World Gold Council.
Higher jewelry demand, strong growth in key Asian markets and a paradigm shift in the official sector, where central banks became net purchasers may contribute most to the increase.
From the perspective of countries’ demand, the following are the top 10 gold buyers from the selected countries in the world by the World Gold Council.
NO.10 Russia

Russia was the tenth largest consumer in the world in 2011.
Total: 67.5 tons
Year-on-Year change: 12%
Russia was the tenth largest consumer in the world. Its gold jewelry demand totaled 67.5 tons in 2010, increasing 12% compared to last year. Russia’s rising trend in gold demand began in the first quarter and lasted at the end of the year. In spite of high international gold prices, Russia’s demand for gold remained strong.
NO.9 UAE

UAE was the ninth largest consumer in the world in 2011.
Total: 72.0 tons
Year-on-Year change: -3%
Because of the high and unstable gold prices the gold jewelry demand across the Middle East region subsided in 2011 except for a positive first quarter. The UAE was no exception, recording a 6% decline on the year.
However, the total demand for gold jewelry and bar and coin investment had a less negative effect, 3% below 2010.
NO.8 Vietnam

Vietnam was the eighth largest consumer in the world in 2011.
Total: 81.4 tons
Year-on-Year change: 11%
Many Asian countries have weaker gold jewelry demand in 2011 relative to 2010 because consumers were discouraged by soaring gold prices. Vietnam’s demand for gold jewelry decreased but the country was a good performing investment market.
Thus, its demand for gold reached 81.4 tons, 11% up on 2010. Vietnam’s market was robust, when considered a 30% increase in its gold prices in the same period.
NO.7 Saudi Arabia

Saudi Arabia was the seventh largest consumer in the world in 2011.
Total: 87.5 tons
Year-on-Year change: -1%
Consumers throughout the Middle East region cut back on their demand for gold jewelry because of the high and unstable gold prices in the fourth quarter of 2010. Although the negative effect in Saudi Arabia was not quite as strong, its 2011 full year demand was 73.0 tons, 6% below 2010.
However, in the Middle East region, the demand for gold investment is much stronger than the jewelry market.
Saudi Arabia’s demand for gold bar and coin invest soared, 33% up on 2010.
NO.6 Switzerland

Switzerland was the sixth largest consumer in the world in 2011.
Total: 91.7 tons
Year-on-Year change: -6%
European gold consumers faced continued economic problems and amid this situation, gold demand declined in these markets. The Switzerland was no exception, although it was the sixth largest gold-consumer in 2010.
The country consumed a total of 91.7 tons of gold in 2010, a decline of 6% comparing with the last year.
NO.5 Turkey

Turkey was the fifth largest consumer in the world in 2011.
Total: 114.6 tons
Year-on-Year change: 7%
Turkey was the world’s fifth largest buyer of gold in 2011. A rise in the gold price, which set a series of new records, had a tremendous impact on the gold market. Local consumers recognized the investment properties of gold. The demand for gold bar and coin invest totaled 40.5 tons, 27% up on 2010.
NO.4 Germany

Germany was the fourth largest consumer in the world in 2011.
Total: 126.9 tons
Year-on-Year change: -5%
Consumers in the European region responded to high gold prices and continued economic problems by cutting back on their demand for gold. The German are no exception, although Germany was the world’s fourth largest gold consumers. The country consumed a total of 126.9 tons of gold in 2011, a decline of 5% comparing with the last year.
NO.3 The United States

USA was the third largest consumer in the world in 2011.
Total: 233.3 tons
Year-on-Year change: -12%
The United States of America is the world’s third highest consumer of gold in 2011. However, consumers demand for gold jewelry and bar and coin invest suffered a notable decline, totally 12% down on 2010.
The pace of decline in 2010 slowed to some degree in the long-term downtrend. The rising prices with a difficult economic environment leaded to consumers cutting back on their demand and turning to more affordable silver jewelry items. The demand of investors for silver also increased, which led to a rapid rise in the silver price.
NO.2 China

China was the second largest consumer in the world in 2011.
Total: 607.1 tons
Year-on-Year change: 29%
China is the world’s second largest gold consumption country and also the strongest market for investment demand growth. The demand for gold jewelry across China increased consistently throughout the year, which totaled 428.0 tons. And, the demand for bars and coins totaled 179.1 tons, a totally increase of 88% compared with the last year.
NO.1 India

India was the largest consumer in the world in 2011.
Total: 963.1 tons
Year-on-Year change: 66%
The Indian are crazy about yellow metal. The country has been traditionally the world’s largest consumer of gold. In 2011, it was also the strongest growth market. Consumer demand registered growth of 66% in 2010 comparing with the last year.
It was mainly driven by the jewelry demand. Indian demand was boosted during the second half of the year, for the coming of the festival season, like Diwali festival in early November. The rising price also generated considerable purchases of gold bullion by Indian investors.