The World Gold Council has remarked that India’s gold market is evolving at an unprecedented rate in its new report titled ‘India Gold Market – Reform and Growth’. The report notes that changing economic factors in India mean that swift change is expected to continue.
“In 2017 we produced “India’s Gold Market – evolution and innovation’,” said the World Gold Council’s global head of research Juan Carlos Artigas in the report’s forward, the Gem and Jewellery Export Promotion Council reported. “A lot has changed since that report was published. This compendium of updated reports delves deeper into key factors that underpin India’s position as the second largest gold consumer in the world: it studies the drivers of gold demand and the perception of consumers; it examines the new investment landscape: and it considers the complex issue of gold supply.”
The International Monetary Fund expects that per capita GDP growth will increase by 23% between the years 2022 and 2026. India is experiencing rising living standards which should be a boon to the country’s gold market but consumers are changing their behaviour due to the government’s ‘bank the unbanked’ initiative and savings rates are declining. This means that the Indian gold industry must swiftly adapt to keep up.
“Few of the global events that have rocked societal and geopolitical stability could have been imagined when our 2017 report was published,” said Artigas. “That India has had to adapt is not surprising, but the rate at which change is happening in the country is, arguably, unprecedented.”
The report looks at gold demand, gold mining, gold refining and recycling, and bullion trade among other facets of the industry. As India is the second largest gold market in the world following China, change in the industry will be felt globally.
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