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Apple Watch may spark global gold rush

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Apple Watch may spark global gold rush

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Gold dealers may be running their hands with glee over the new Apple Watch.

The Cupertino-based firm may consume up to 746 metric tonnes of the precious metal per year in the production of its new luxury gadget. That equates to roughly one-third of gold’s total annual global mine supply.

The watch will come in three varieties – the entry level “Sports” model, the mid-tier “Apple Watch” and the upper end “Apple Watch Edition” which the company says will be made of 18k (75% pure) gold and is estimated to retail from anywhere between $4,000 and $10,000.