GJ Town India

Gold jewellery 7% & Gold demand up 10% in India   Somasundaram PR, Regional CEO, India, World Gold Council (WGC) said, “India’s gold demand of 210t in Q3 2023 was higher by 10% over Q3 2022 of 191.7t. Purchase of gold jewellery in India was up 7% y-o-y aided by softer gold prices and festive demand, more pronounced in South India.   Investment gold demand, that is bars and coins, jumped 20% to 54.5t from 45.4t in Q3 of the previous year. Price correction was a major factor that triggered the latent demand which we believe continues to be strong underpinned by strong positive economic sentiment mixed with uncertainties arising from a variety of factors such as fear of inflation, below-normal monsoon and global developments. Gold recycling in India recorded 19.3t, a 20% growth over last year, which is more due to low base of last year and perhaps some profit taking. We believe recycling will continue to grow as initiatives of organised players to increase recycling of jewellery start

Online gold market India   India has embraced online retailing across different categories. Digital and social activity plays an increasingly important part in the purchase journey for gold. In urban India, consumers browse online/mobile apps before making purchases; they use online blogs and social media for ideas and inspiration. And mobile wallets/apps have played a key role in the growth of Internet Investment Gold (IIG) in India.   The Covid-19 pandemic has disrupted the brick and mortar business model of Indian gold retailers and has become a catalyst for online channels to boost sales. In this report focuses on, 1: the growth of IIG, 2: the barriers to online gold purchase and opportunities to grow the online market & 3: how retailers are adopting a digital strategy post Covid-19.   In the context of the report Somasundaram PR, Managing Director, India, World Gold Council (WGC) said, “Online retail adoption accelerated during Covid-19 across categories. Though relative