Page 33 - Bullion World Volume 3 Issue 9 September 2023

Bullion World | Volume 3 | Issue 9 | September 2023

BULLION “It is what the industry can shape traditional, reflecting important

into. There is per capita income,
cultural and religious ties. “This
an explosion in the top two/three
can be seen in the long-standing
preference for 22-carat jewellery and
income households within the
News pyramid — so there is opportunity the dominance of bridal jewellery.
But the gold market is evolving, with
to sell all kinds of jewellery,” he said,
while speaking on the sidelines of
changing tastes and designs. In
India has the the India International Jewellery recent years, for example, demand
has grown for lightweight and
Show (IIJS) Premiere 2023, a six-day
studded jewellery.”
B2B gems and jewellery exhibition
potential to become organised by the GJEPC across two Source:
the world’s market in venues in Mumbai. https://economictimes.indiatimes.com

jewellery: Titan’s CK According to a report by the World
Venkataraman Gold Council, India is the second
largest consumer of gold jewellery
Talking about how India is the factory in the world. “In 2021, India bought
for the world in jewellery and has 611 tonnes of gold jewellery, second
potential to become the market for only to China (673 tonnes) but
the world, CK Venkataraman, MD, comfortably ahead of all other gold-
Titan Company, said that all the consuming markets,” the report
circumstances are in the country’s highlighted, adding that much of
favour. the Indian gold market was very

Gold demand first half of buying in the council’s dominated the gold market over the

records since 2000, totalling 387 last year and, despite a slower pace
propped up by record tonnes over the six months. Gold in the second quarter, this trend
central bank buying was also supported by robust private underscores gold’s importance as

Gold demand has been bolstered investment in the second quarter, a safe haven asset amid ongoing
geopolitical tensions and challenging
up year-on-year 20 per cent to 256
record buying from central banks tonnes. Expectations for investment economic conditions around the
over the first six months of trading remains unchanged as strong over- world.
this year amid challenging economic the-counter demand makes up for
conditions, according to the latest softness in exchange-traded funds “Looking ahead to the second half
trends report from the World Gold alongside bar and coin. of 2023, an economic contraction
Council.
Jewellery consumption in the second could bring additional upside for
quarter also strengthened modestly gold, further reinforcing its safe-
The market development group year on year, up three per cent to haven asset status. In this scenario,
revealed that while central bank net 476 tonnes, despite historically high gold would be supported by demand
buying slowed to 103 tonnes in the (if not record) prices in most markets from investors and central banks,
second quarter – down 35 per cent – as demand in China outweighed helping to offset any weakness in
year on year – it was still the highest
reduced sentiment in India. jewellery and technology demand
triggered by a squeeze on consumer
Finally, total gold supply was seven spending.”
per cent higher year on year, at
1,255 tonnes in the second quarter, Gold prices are elevated at $1,947
with mine production estimated to per ounce, having climbed to nearly
have reached a record for the six $2,000 per ounce last month as the
months of trading at 1,781 tonnes. US Federal Reserve signalled its
fight against inflation was coming to
Louise Street, senior markets analyst an end, with just one final interest
at the World Gold Council, said: hike likely this year.
“Record central bank demand has Source: https://www.cityam.com

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