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India Drives Rise in Gold Jewelry Demand
Feb 6, 2018 5:47 AM
By Rapaport News
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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.
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Tags:
bars and coins, China, Dhanteras, Gold jewelry, India, PMLA, Prevention of Money Laundering Act, Rapaport News, World Gold Council
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