Gold production falls by 12.3% in SA

South Africa has been overtaken by China in its gold production. For the second quarter ending June 30 2008, South Africa generated a lowered gold production by 12.3 percent in volume. In June 2008, production slid also by 12.3 percent as compared with June 2007 production figures, according to Statistics South Africa, a government agency.

The sale of the metal in the three months March to May showed an upswing by 13.4 percent on a Y-o-Y basis. In May particularly, the increase in sales was of 1.5 percent, amounting to $493 million (R3,745 million), as compared to the May sales in 2007. China is making its potential known as one of the key emerging markets both in consumption and production of gem and jewellery.