2013 was the year that China overtook India as the largest consumer of gold. According to the Xinhua news agency a large proportion of the consumption was driven by a new class of investor known as ‘dama’ investors - bargain-hunting, middle-aged women. Typically the women are married mothers aged between 40 and 60.

Following last year’s price decline, Chinese dama’s spent around 100 billion Yuan purchasing 300 tonnes of gold in a 10 day period.

The China Gold Association confirmed yesterday that china consumed 1,176.4 tonnes in 2013 up from 832.2 tonnes in 2012.