China is set to overtake India to become the world’s top gold consumer this year, as the driving forces in the market shift from West to East, an industry association said on Tuesday.

“Most likely this year we will see China overtake India slightly,” Albert Cheng, the World Gold Council’s Managing Director for the Far East told AFP in an interview on the sidelines of a conference here.

“A 1,000-tonne market will probably be achieved” for China, he said, out of a global yearly market of around 4,400 tonnes made up of 2,800 tonnes from mine production and 1,600 tonnes of already existing gold. — AFP