India's Gold Jewellery Demand Declines 19% Year-on-Year in Q1
India's Gold jewellery demand slides 19% on year in March quarter
Business Standard
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India's gold jewellery demand fell by 19% in the first quarter of 2023, totaling 66.1 tonnes, compared to 81.6 tonnes in the same period last year. Despite this decline, the total value of gold jewellery purchases surged by 31% to reach $47 billion due to rising gold prices.
- 01Gold jewellery demand in India decreased by 19% year-on-year.
- 02Total purchases amounted to 66.1 tonnes in Q1 2023.
- 03Demand value increased by 31% to $47 billion.
- 04Global jewellery demand also fell, reaching its lowest since the COVID-19 pandemic.
- 05The rise in value is attributed to soaring gold prices.
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India's gold jewellery demand experienced a significant decline of 19% in the first quarter of 2023, totaling 66.1 tonnes, down from 81.6 tonnes in the same period last year, according to the World Gold Council (WGC). This marks a notable downturn as global jewellery demand also fell to its lowest level since the COVID-19 pandemic, dipping below 300 tonnes for only the second time in the WGC's data series. Despite the drop in volume, the total value of gold jewellery purchases surged by 31% year-on-year, reaching a record $47 billion. This increase in value is primarily driven by escalating gold prices, which have influenced consumer spending patterns in the jewellery market.
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The decline in gold jewellery demand may affect local jewellers and related businesses, potentially leading to reduced sales and employment in the sector.
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