China's consumer gold demand is on track to double by tonnage terms by 2015, drawing strength from an economic boom, said a recent report by the World Gold Council (WGC).

"Now one of the world's largest economies, China has rapidly become a prominent gold market. However, our analysis confirms that significant untapped growth potential exists in the Chinese gold market," said Marcus Grubb, Managing Director of Investment, Research and Marketing at the WGC, in the report.

Gold consumption in China exceeded $14 billion in 2009, as the economic take-off boosted income, making fancy jewelry a new "must have" for numerous families. Jumping aboard the golden caravan are also risk-wary investors seeking a safe haven from the fickle stock market and inflationary jitters.

But China's per-capita ownership of the glittering metal was still nowhere close to that of developed countries, indicating deep potential for the industry.

The biggest question now lingers on supplies as the country's known gold reserve could be exhausted within six years, said the WGC.

The only solution is to pump investments into mining and exploration, it added.