{"id":16311,"date":"2022-07-28T15:26:11","date_gmt":"2022-07-28T09:56:11","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=16311"},"modified":"2022-07-28T15:26:14","modified_gmt":"2022-07-28T09:56:14","slug":"indian-q2-gold-jewellery-demand-49-to-140-3-tonnes","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/indian-q2-gold-jewellery-demand-49-to-140-3-tonnes\/","title":{"rendered":"Indian Q2 Gold Jewellery Demand +49% To 140.3 Tonnes"},"content":{"rendered":"\n

Robust wedding and festival sales helped boost Indian Q2 gold jewellery demand by 49% to 140.3 tonnes, according to the World Gold Council\u2019s latest Gold Demand Trends<\/em> report. The value of India\u2019s gold jewellery demand was Rs. 65,140 crore, a rise of 60% from Q2 2021 (Rs. 40,610 crore).<\/p>\n\n\n\n

India\u2019s total gold investment demand, consisting of bars and coins, in Q2 increased by 20% to 30.4 tonnes and was up 29% in value terms, at Rs. 14,140 crore.<\/p>\n\n\n\n

Somasundaram PR, Regional CEO, India, World Gold Council said: \u201cIndia\u2019s gold demand for Q2 \u201922 left behind the anxiety caused by the pandemic in Q1 and marked by festivals and wedding buying, grew 43% YoY to 170.7tonnes. Akshaya Tritiya coupled with traditional wedding buying spurred jewellery demand by 49% to 140.3 tonnes, though on a low base as Q2 of last year, was impacted by a devastating second wave of covid.\u201d<\/p>\n\n\n\n

Indian gold jewellery demand for H1 reached 234.5 tonnes, which is 49% higher YoY, and rose 32% to 32,890 crore in value terms.<\/p>\n\n\n\n

Investment demand in H1 \u201922 rose 23% to 72 tonnes, and grew 32% to Rs. 24,840 crore. Gold demand drew support from volatility in equity markets and inflation expectations, Somasundaram informed.<\/p>\n\n\n\n

\u201cGoing into H2 \u201922, jewellery demand in India faces downside risks, due to uncertainty over the economic outlook, a higher import duty and the possibility of additional curbs on gold buying, even if for temporary and tactical reasons with an eye on the INR-USD exchange rate. Upside potential for demand can come from expectations of a normal monsoon, higher inflation and the possibility for rangebound prices,\u201d he noted.<\/p>\n\n\n\n

WGC noted that sales for Akshaya Tritiya in May, together with wedding purchases during the traditional Q2 wedding season generated the growth in demand. The timely correction in the gold price from the April high also contributed to the positive picture.<\/p>\n\n\n\n

In terms of demand trend directions, 22-karat plain gold jewellery continued to dominate the landscape, although more affordable 18-karat and 14-karat jewellery gained market share, particularly among younger consumers.<\/p>\n\n\n\n

Somasundaram said, \u201cEven as demand makes a recovery towards near-normal, the Indian bullion market is altering with some fundamental structural reforms such as mandatory hallmarking and exchange trading. The proposed launch of the India International Bullion Exchange will kick-start a journey to make India a trusted and efficient trading hub and extend its influence in the global bullion markets.<\/p>\n\n\n\n

\u201cAn efficient price discovery for bullion, responsible and sustainable sourcing, world-class trading and vaulting infrastructure at GIFT City and an agile regulatory framework with IFSCA, IIBX is bound to emerge as a credible global entity in the bullion industry. As the importance of bullion rises in an uncertain world, a trusted eco-system underpinned by IIBX will offer a global advantage to investors in gold. India\u2019s efforts to monetise gold will also derive tremendous support from a transparent bullion trading system in GIFT City.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Robust wedding and festival sales helped boost Indian Q2 gold jewellery demand by 49% to 140.3 tonnes, according to the World Gold Council\u2019s latest Gold Demand Trends report. The value of India\u2019s gold jewellery demand was Rs. 65,140 crore, a rise of 60% from Q2 2021 (Rs. 40,610 crore). India\u2019s total gold investment demand, consisting…<\/p>\n","protected":false},"author":1,"featured_media":16312,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-16311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\nIndian Q2 Gold Jewellery Demand +49% To 140.3 Tonnes - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/indian-q2-gold-jewellery-demand-49-to-140-3-tonnes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indian Q2 Gold Jewellery Demand +49% To 140.3 Tonnes - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"Robust wedding and festival sales helped boost Indian Q2 gold jewellery demand by 49% to 140.3 tonnes, according to the World Gold Council\u2019s latest Gold Demand Trends report. 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