Gold imports from Hong Kong into mainland China dipped in January as jewellers and fabricators reduced orders on expectation that demand would weaken following the Lunar New Year holidays.

According to data analysed by Bloomberg news net imports totalled 83.6 tonnes in January, compared with 91.9 tonnes in December.

In 2013 China consumed 1,066 tonnes of gold and overtook India as the largest user of gold, as demand for gold bars and jewellery soared as Chinese consumers took advantage of the biggest price decline since 1981.