News

Advanced Search

India Drives Rise in Gold Jewelry Demand

Feb 6, 2018 5:47 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... World demand for gold jewelry grew 4% year on year to 2,135.5 tonnes in 2017, boosted by growth in India, the World Gold Council (WGC) reported Tuesday.

India saw annual growth of 12% to 562.7 tonnes, led by strong momentum in the fourth quarter as gold prices decreased in rupee terms. The holiday season — beginning with the Dhanteras wedding festival in early October — also drove sales.

The Indian government’s decision to suspend the Prevention of Money Laundering Act (PMLA) regulation for the jewelry industry had a positive impact, particularly on demand in the rural areas, which rely heavily on cash purchases.

Demand for gold in China, still the largest market for gold jewelry, jumped 3% to 646.9 tonnes in 2017, propelled by strong holiday sales in the second half.

“Retailers continue to better meet consumers’ changing needs, and sentiment is lifted by the supportive economic environment,” the WGC stated.

Global demand for gold in all forms — such as bars and coins, and for technology, finance and investment — fell 7% to 4,071.7 tonnes.
Tags: bars and coins, China, Dhanteras, Gold jewelry, India, PMLA, Prevention of Money Laundering Act, Rapaport News, World Gold Council
Similar Articles
StornowayStornoway Lowers Production Outlook
May 21, 2018
Stornoway Diamond Corporation has reduced its production-and-sales expectations for this year, as its shift to underground
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.