Gold Import in India Increased: Demand for gold jewelery doubles in 2021 in India

Gold Demand Increased in India: Gold consumption in India rose to 797.3 tonnes in 2021 due to improving consumer sentiment and pick-up in demand following the disruptions related to COVID-19 and the upward trend is expected to continue this year as well. The World Gold Council (WGC) said in its ‘Gold Demand Trend 2021’ report that gold demand grew by 78.6 per cent to 797.3 tonnes in 2021 from 446.4 tonnes in 2020.

fourth quarter was the best
Somasundaram PR, Regional Chief Executive Officer at WGC, said, “The year 2021 has re-tested the power of traditional thinking about gold and provided many lessons in the revival that will shape policy thinking for years to come.” He said India’s gold demand grew by 79 per cent to 797.3 tonnes, mainly as a result of exceptional demand of 343 tonnes in the fourth quarter. This demand has even exceeded our estimates expressed in the third quarter and turned out to be the best quarter ever.”

Expected demand of 850 tonnes for the year 2022
For the year 2022, Somasundaram said gold demand is expected to be around 800-850 tonnes if the current scenario continues and there is no significant disruption. He said the demand for gold jewelery doubled in 2021 from the previous year and reached a six-year high, surpassing the pre-pandemic level. There was a record demand of 265 tonnes in the fourth quarter.

Gold jewelery demand sees a 96 percent increase
On the basis of price, the demand for gold jewelery increased by 96 per cent to Rs 2,61,140 crore. In 2020 it was Rs 1,33,260 crore. The total investment demand grew by 43 per cent to 186.5 tonnes in 2021. In value terms, demand increased by 45 per cent to Rs 79,720 crore. However, overall gold recycling in the country declined by 21 per cent to 75.2 tonnes. Total gold imports in India increased by 165 per cent to 924.6 tonnes.

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