World Gold Council

Online jewellery sales in India have seen rapid growth over the past few years, largely driven by demand from millennials amid growing internet penetration, World Gold Council said.

India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices

Gold demand in country went up to 76 tonnes during June quarter of current year because of low base effect arising out of the country-wide lockdown.

World Gold Council: Lower import duty on gold may boost consumer demand and curb unofficial imports but some policy areas can take longer to progress than others

While overall gold consumption fell, demand for coins and bars, known as investment demand, jumped 51 per cent in the third quarter as rising prices attracted investors, the WGC said.

The report also said that India's gold demand for the full year 2020 is expected to fall to the lowest level in 26 years

"Looking ahead, 2020, we expect policy-led and industry-led initiatives to bring a marked shift in making the industry more transparent and organised," said Somasundaram PR, Managing Director, India, World Gold Council.

Gold Prices: In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said.

Two-thirds of gold demand comes from rural areas, where jewellery is a traditional store of wealth.

The World Gold Council has said up to 95 tonnes of gold was smuggled into India in 2018.

As per the report, central banks' demand grew by 67% as they bought 224.4 tonnes of gold in April-June 2019, compared to 152.8 tonnes a year ago.

Falling demand for new gold causedimports in 2018 to drop 14 per cent from the year before to 756.8 tonnes, the World Gold Council said in an estimate released last week.

In terms of value, the gold demand fell by 8 per cent to Rs 31,800 crore, as per the World Gold Council (WGC) data

The Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) currently offer gold futures contracts in India, but do not have a platform for physical trade.

The demand in the April-June quarter last year stood at 122.1 tonnes, WGC said.

Online jewellery sales in India have seen rapid growth over the past few years, largely driven by demand from millennials amid growing internet penetration, World Gold Council said.

India's gold demand declined 18 per cent to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices

Gold demand in country went up to 76 tonnes during June quarter of current year because of low base effect arising out of the country-wide lockdown.

World Gold Council: Lower import duty on gold may boost consumer demand and curb unofficial imports but some policy areas can take longer to progress than others

While overall gold consumption fell, demand for coins and bars, known as investment demand, jumped 51 per cent in the third quarter as rising prices attracted investors, the WGC said.

The report also said that India's gold demand for the full year 2020 is expected to fall to the lowest level in 26 years

"Looking ahead, 2020, we expect policy-led and industry-led initiatives to bring a marked shift in making the industry more transparent and organised," said Somasundaram PR, Managing Director, India, World Gold Council.

Gold Prices: In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said.

Two-thirds of gold demand comes from rural areas, where jewellery is a traditional store of wealth.

The World Gold Council has said up to 95 tonnes of gold was smuggled into India in 2018.

As per the report, central banks' demand grew by 67% as they bought 224.4 tonnes of gold in April-June 2019, compared to 152.8 tonnes a year ago.

Falling demand for new gold causedimports in 2018 to drop 14 per cent from the year before to 756.8 tonnes, the World Gold Council said in an estimate released last week.

In terms of value, the gold demand fell by 8 per cent to Rs 31,800 crore, as per the World Gold Council (WGC) data

The Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) currently offer gold futures contracts in India, but do not have a platform for physical trade.

The demand in the April-June quarter last year stood at 122.1 tonnes, WGC said.