GJ Town India

Import duty reduction in India, a catalyst for demand!   Recently Kavita Chacko, Research Head, India- World Gold Council wrote about India’s gold market update: Import duty reduction, a catalyst for demand! The significant cut in import duty on gold and the resultant decline in the landed cost of gold have been a shot in the arm for gold demand in the country. Anecdotal reports suggest that there has been strong buying interest from jewellery retailers as well as consumers since the duty reduction.  At the recently concluded India International Jewellery Show, manufacturers noted that there has been a substantial increase in order bookings from retailers, who are preparing for the festive and wedding season running through December.    In some cases, these orders have reached levels not seen in several years. Additionally, the trend of bar and coin buying remains strong, supported by consumers as well as jewellers who are capitalising on supportive gold prices ...

Gold Demand in market India grew by 8% in Q1 2023   Sachin Jain, Regional CEO, India, World Gold Council said, In Q1’24, India's total gold demand was 136.7 tonnes, up by 8% in comparison to 126.3 tonnes in Q1 2023 reaffirming Indians enduring relationship with gold. Gold jewellery demand was 95 tonnes, 4% above the comparatively weak Q1’23.    India’s continued strong macroeconomic environment was supportive for gold jewellery consumption even though prices reached a historic high in March leading to a slowdown in sales as the quarter ended.    Q1’24 also saw healthy levels of gold bar and coin demand in India, up 19% y/y at 41t. This was on a par with  Q1’22, which was itself the strongest first quarter since 2014. The price correction in February sparked investors’ interest, with anticipation of a rebound driving purchases.    As the price rallied to successive record highs, investors remained bullish, contributing to the robust demand....