Apple may soon be a serious buyer of gold, according to estimates of how much yellow metal will be required for the 18-carat luxury version of the hotly anticipated Apple Watch.
Each gold edition of the Apple Watch could contain two ounces of the precious metal according to estimates—meaning that Apple could use 746 metric tons of gold per year, equating to one-third of the total annual global mine supply, according to bullion dealer GoldCore.
That's based on estimates that Apple has ordered between five and six million units of smartwatches from its manufacturers.
"Around one-third of the order will be made up of the mid-range watch, leaving an estimated one-sixth of the order to be comprised of the gold edition," said research director of GoldCore, Mark O'Byrne, in a research note on Friday. A further half of the order is expected to be for the entry-level "Sports" model.