Page 5 - Bullion World Volume 4 Issue 2 February 2024

Bullion World | Volume 4 | Issue 2 | February 2024

Looking at the global perspective, according to the
Silver Institute forecast, silver demand in 2024 is
EDITORIAL promising, expected to reach 1.2 billion ounces, the

second-highest level ever recorded. Silver industrial
fabrication is predicted to increase by 4% to a record
India's gold imports play a crucial role in the 690 million ounces (Moz), driven by the photovoltaics
country's current account deficit (CAD), and in the (P.V.) and automotive industries. Jewellery demand
period from April to December 2024, they saw a is anticipated to rise by 6%, with India contributing
significant increase of 26.7%, reaching USD 35.95 significantly to these gains. However, there is a
billion. This marks a rise from the USD 28.4 billion contrasting projection for silver physical investment,
recorded during the same period the previous year. which is expected to decrease by 6% to a four-year
low.

In 2023, India experienced a 3% decline in gold
demand, totalling 747.5 tonnes, as reported by the In this edition of Bullion World, we have special
World Gold Council. However, there is optimism for contributions from IBJA, SBMA, and LBMA,
the upcoming year, with expectations that demand sharing insights about their upcoming events
could reach between 800 and 900 tonnes if gold and conferences. Ms Shelly Ford from LBMA will
prices remain stable. The jewellery sector witnessed guide us through the Good Delivery Rules, and
a 6% decrease in demand, dropping to 562.3 we'll also learn about MMTC-PAMP and Hindustan
tonnes in 2023 from 600.6 tonnes in the previous Platinum, India's only LBMA accredited refiners. Mr.
year. Conversely, total gold investment demand Premnath from FinMet will break down the details
in the country grew by 7%, reaching 185.2 tonnes of silver import duties for value-added products,
compared to 173.6 tonnes in the previous year. Coin while Mr. Alex from emew corporation discusses
investment also rebounded, showing a 7% increase the recovery of precious metals from E-waste.
to 185 tonnes year-on-year. The upcoming March Closing this edition, Mr. Bruce Ikemizu from JBMA
quarter may see subdued demand due to fewer gives us an overview of Japan's market, followed
auspicious wedding days, and higher prices have led by an article on the gold income note by Mr. Heini.
consumers to opt for lighter or lower-carat items,
with some reducing overall purchases. Best wishes,
G Srivatsava
Editor

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