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China Gold Reserves: China the worlds largest gold market has discovered gigantic deposits of gold reportedly the largest-ever found on the planet said to be worth a staggering $83 billion (600 billion yuan or more than Rs 735764 crore). According to Chinese media reports the discovery in Chinas Hunan province which comes amid global gold prices was made earlier this year and is estimated to contain over 1000 metric tons of high-quality gold ore. How China discovered largest-ever gold deposit in Hunan? According to geologists from the Geological Bureau of Hunan Province advanced 3D geological modelling techniques were employed to map the underground gold deposits with unprecedented accuracy. This state-of-the-art technology allowed drill teams to accurately map the deepest gold veins buried at depths of up to 2 kilometers. A senior scientist at the Hunan Bureau said the technology was key to unearthing one of the largest gold deposits in recorded history and hailed it as a testimony to Chinas dedication to explore more of its natural resources. The remarkable discovery is the result of decades of technological innovations pushed by Beijing which have made the country a powerhouse in the global mining industry. How much gold is estimated? As per Chinese state media over 40 distinct gold veins have been identified at depths of up to 2 kilometers with preliminary assessments indicating that these veins alone could contain about 300 metric tons of gold and more gold deposits could exist at greater depths possibly reaching up to 3 kilometers based on advanced 3D modeling of the area. The remarkable discovery made in Pingjiang County in Hunan province is the largest gold reserve ever discovered in recorded history surpassing the previous record of 900 metric tons held by the South Deep mine in South Africa reports said. According to the reports extracted rock cores showed visible gold veins indicating extremely high-grade mineralization which is quite rare in geological surveys. A few core samples from one site in Wangu contained as much as 138 grams of gold per metric ton which is extremely rare in large-scale deposits. Chen Rulin a senior prospector from the Hunan geological bureau said that visible gold was found inside drilled rock cores and core samples suggest that every metric ton of ore could potentially yield around 138 grams of gold which is exceptional as the ore from underground mines is typically classified as high-grade if it contains over 8 grams. “Many drilled rock cores showed visible gold” said Chen. Why China abolished tax breaks on gold sales? Meanwhile China recently made a significant move to counter rising gold prices as Beijing abolished the long-standing tax exemption on gold sales which is expected to significantly alter the pricing dynamics in the worlds largest gold market as gold prices could witness a notable spike. According to Chinas Finance Ministry gold retailers will will no longer be able to offset value-added tax (VAT) on the sale of gold purchased from the Shanghai Gold Exchange after the new rule came into effect on November 1. This applies to all forms of gold purchases whether sold directly or processed into jewelry coins high-purity bars or industrial materials it said. Notably China is already a dominant player in the global gold market boasting reserves in excess of 2000 tons according to recent estimates. The discovery of the massive gold reserve is poised to further strengthen Chinas gold industry which currently contributes around 10 percent of total gold production in the world.