China 2013 gold production pegged at 430 tonnes

China's 2013 gold output is predicted to hit 430 tonnes, with consumption set to exceed 1,000 tonnes, according to the China Gold Group.

China's gold output hit 403 tonnes last year, having risen for the sixth consecutive year and retaining its title as the world's top gold producer. China is likely to overtake India as the no. 1 consumer.

In 2012, Chinese gold consumption rose 9.35% to 832 tonnes.

In the first half of 2013, consumption jumped a remarkable 54% year over year.

The boost in demand has been credited inĀ large part to Chinese weddings, which account for roughly 50% of all Chinese domestic bullion consumption.