Rolex gold watches contain 2-3 oz of gold (depends on the model and year). Rolex sells 0.5-1 million watches per year, I don't know what proportion of that are

Rolex gold watches contain 2-3 oz of gold (depends on the model and year). Rolex sells 0.5-1 million watches per year, I don't know what proportion of that are gold watches. So if Apple Watches are a golden success, they will have to buy a lot of gold indeed, but not one third of mined output. Annual production is about 80m troy ounces, 50% of which is used in jewelry. [1] [1] http://www.numbersleuth.org/worlds-gold/ http://www.numbersleuth.org/worlds-gold/