Gold jewellery recycling in India to reach record level in 2023
Indians are likely to sell a record number of used gold jewellery this year, according to the World Gold Council, Bloomberg reports
“If local prices continue to rise, recycled bullion sales are expected to jump more than 20 percent and match the previous high of 119.5 tonnes set in 2019,” said P.R. Somasundaram, Regional CEO for India at the World Gold Council.
He also noted that India is likely to import less gold this year.
According to the publication, the reduction in purchases by the world’s second largest importer of gold could put some pressure on international prices, currently near $1,960 an ounce. Gold prices in India have jumped by almost a fifth over the last twelve months, more than twice as much as globally, due to a weakening rupee making the precious metal more expensive.
