The Gold Bullion Company (#1682563)

Indian demand for gold was more than 50 times greater than its gold production total in 2023, according to a new report by UK based business The Gold Bullion Company.

India’s gold production totalled 15.1 tonnes in 2023, according to a report by The Gold Bullion Company, accessed by The Economic Times. The country’s gold demand totalled 747 tonnes, representing more than 50 times the production.
 
The gold products which are the most popular in the Indian consumer market are jewellery and gold bars. If the country’s total gold demand was evenly split across Indian citizens, it would amount to approximately 0.52 grams per person.
 
“Sustainable metal production is vital for environmental, economic, and social reasons,” said The Gold Bullion Company’s managing director Rick Kanda, ET Bureau reported. “Environmentally, it helps conserve finite resources, reduces energy consumption, and minimises pollution, mitigating climate change and protecting ecosystems.”
 
India ranked at number one on The Gold Bullion Company’s list of countries with the largest discrepancy between consumer gold demand and production. Turkey followed India with a demand for gold that was six times greater than its production in 2023. China came in third with double the demand compared to its production and a sizeable demand for 909.7 tonnes.