Indian gold market witnessed 7% growth: World Gold Council India

The Indian gold market has witnessed 6-7 per cent growth in the first quarter of 2024, translating to a market value of approximately Rs 75,000 crores, Sachin Jain, Regional CEO, World Gold Council India, has said.

Speaking at the opening ceremony of 16th edition of the Hyderabad Jewellery Pearl & Gem Fair (HJF), organised by Informa Markets in India at Hyderabad on Friday, he said, "The Indian gold market has shown remarkable resilience and growth, increasing by about 6-7% in Q1 2024, translating to a market value of approximately Rs 75,000 crores, up from Rs 65,000-66,000 crores in the same quarter last year. Jewellery consumption saw a 3-4% increase, while bars and coins experienced significant growth with a 19% increase in volume, translating to a 32% increase in value. The Reserve Bank of India has been a substantial buyer, purchasing 19 tons of gold in Q1 alone, following 16 tons in the previous year."

HJF 2024, a premier jewellery event will be held till June 9 and in which over 350 exhibitors will showcase more than 700 brands, over two lakh designs and collections. The event is expected to attract more than 8,000 trade visitors, including industry leaders, said a statement.

Despite high gold prices, retail sales showed resilience, particularly during festive season, one of the most successful in recent years, indicating strong consumer confidence. India's gold consumption is projected to remain robust in 2024, estimated between 700 to 800 tonnes, with South India being a major contributor, he said.

“The Gems and Jewellery industry in India, deeply rooted in our cultural heritage, is a vital economic force. It plays a key role in both consumption and export, with notable 15% growth in FDI equity inflows reaching USD 25.50 million in 2022-2023," Yogesh Mudras, Managing Director of Informa Markets in India, said while addressing the gathering.