These 10 countries buy the most gold jewelry
AP Photo/Kamran Jebreili
For millennia, cultures across the globe have coveted gold jewelry for its brilliant yellow hue and imperviousness to rust and corrosion of any kind.
That same obsession survives today, especially in countries where it’s considered auspicious to give gold jewelry as a gift during birthdays, weddings and holidays. To many, gold jewelry is the ideal gift—not only is it beautiful and decorative, but it also holds its value well and can be passed down to future generations.
In the following slideshow, explore the top 10 countries with the biggest appetite for gold jewelry! All data is courtesy of the GFMS Gold Survey, the annual Thomson Reuters report on the global gold market, and reflects demand in tonnage for 2016.
10. Egypt
27.9 metric tons
As long ago as the 13th century BCE, ancient Egyptians were responsible for creating what’s believed to be the first topographic map, known today as the Turin Papyrus Map, which showed the locations of gold deposits and a gold-mining settlement. They revered gold so much, they referred to it as “the flesh of the gods.” Today’s Egyptians are still strongly attracted to the yellow metal.
9. Russia
30.2 metric tons
For the past couple of years, Russia’s central bank has been one of the largest net purchasers of gold as the nation seeks to shore up its currency. Reserves stand at nearly 55 million ounces as of June. But individual consumers also have a taste for gold jewelry, buying as much as 30.2 tonnes in 2016.
8. Indonesia
34.2 metric tons
Indonesia is home to the world’s largest known gold deposit and one of the largest gold mines, the Grasberg project, where approximately 18,000 people work. The notorious Bre-X gold mining scandal of the 1990s took place in Indonesia, which was loosely depicted in the 2016 film Gold, starring Matthew McConaughey.
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