China is poised to snag the title of the world’s biggest gold buyer, a feat that could support prices of the precious metal as well as accelerate the global bullion market’s shift eastward.

Gold purchases by Chinese consumers jumped 41% last year to a record, according to data released Monday by the China Gold Association. China has long had a cultural affinity for precious metals, and the increasing affluence of consumers there, along with more relaxed investment restrictions, has boosted the country’s demand for gold bars and jewelry alike.

The increase was enough to overtake India, which for decades, if not centuries, held the No. 1 spot, according to estimates from several analysts.

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