India's gold demand soars 50x production in FY23: Report

India's gold production in FY23 was 15.1 tonnes. In comparison, the country's gold demand reached 747 tonnes, more than 50 times the supply, according to a report by The Gold Bullion Company, based in the UK. This immense demand, driven by the jewellery and gold bar sectors, is roughly 0.52 grams of gold per person, given India's population of over a billion. In comparison, Turkey's gold production in FY23 was 36.5 tonnes, six times lower than the demand of 201.6 tonnes. The demand for gold in Turkey has steadily risen, increasing from 1.13 grams per person in FY21 to 2.34 grams per person in FY23. Meanwhile, China's gold demand stood at 909.7 tonnes in FY23, with the country’s mine production, although the highest among the top 10 countries, still falling short by a factor of two.

Managing Director of The Gold Bullion Company, Mr. Rick Kanda, highlighted the importance of sustainable metal production for environmental, economic, and social reasons. Environmentally, sustainable practices help conserve finite resources, reduce energy consumption, and minimise pollution, mitigating climate change and protecting ecosystems. Economically, they lead to long-term cost efficiency, cater to the growing demand for eco-friendly products, and ensure compliance with stringent environmental regulations. Socially, these practices safeguard community health by reducing pollution and ensuring ethical labour standards, such as fair wages and safe working conditions. Thus, Sustainable metal production supports a balanced resource utilization approach, benefiting the planet, the economy, and society.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.