India's reign as the world's top gold consumer is likely to come to an end in 2010, as China is expected to surpass its in individual gold consumption, a CCTV.com report said.



China's New Year gold rush is already underway and Chinese gold and jewelry retailers report high consumer interest. The precious metal's standing as a consumer favorite seems unaffected by steep gold prices and retailers report gold, jewelry and gem consumption – viewed in China as symbol of wealth and good fortune – has remained strong.



According to CCTV.com, China's gold and jewelry consumption in 2009 came to roughly 450 tons – skirting previous gold consumption leader India, which reported approximately 380 tons in gold consumption. Unlike China, gold demands in India suffered from soaring gold prices. The global financial crisis has caused gold demand in India to drop nearly 50% over the past 12 months, while China saw a 14% rise in gold demands.