48 per cent decline in demand for jewelery

(Commercial Representative) Mumbai, Ta. Thursday, October 29, 2020

India's demand for gold jewelery fell by 9 per cent to Rs 6.5 tonnes in the third quarter ended September 2020. The country's gold and silver imports grew by 3 per cent to 20.5 tonnes during the period, according to World Gold Council data.

According to the World Gold Council, demand for gold fell by 3% to 3 tonnes in the third quarter due to the impact of Covid-18 and gold prices hitting record highs. While China and India have been the biggest contributors to the decline in global volume.

It may be mentioned that gold prices in India have increased by 3% on an annual basis. Central banks sold 12 tonnes of net gold in the third quarter. Somasundaram PR, managing director of Indian operations at the World Gold Council, says demand is now expected to grow better than in the third quarter as a result of growth and festivals. In India, the demand for gold and silver for weddings is increasing rapidly with the end of the year festivals and Diwali.

However, in the fourth quarter, gold demand is projected to be lower than last year's record of 13.5 tonnes.

India's gold demand fell 9 per cent to 7.5 tonnes in the first three quarters. Demand for jewelery has been affected by the lockdown due to the Corona epidemic.

Gold demand in the third quarter fell by 30 per cent to 6.5 tonnes from a year earlier. Demand for jewelery fell by 9 per cent to 7.5 tonnes. Scrap gold supply has increased to 21.5 tonnes. Which is the highest in seven years.