09 Oct 2013 Last updated at 08:31:40 GMT
NEW DELHI (Scrap Monster) : According to a study report released by the multinational professional services firm-PricewaterhouseCoopers, India emerged the top fabricator and consumer of gold jewellery. The country’s total consumption of gold for jewellery stood at 552 tonnes. It accounted for nearly one-third of the global fabrication and consumer demand of gold jewellery.
According to the PwC report, India consumed 864 tonnes of gold used for jewellery, bars and coins in 2012, China consumed 784 tonnes, the United States 162 tonnes, Turkey 110 tonnes, and Thailand 81 tonnes. India and China accounted for more than half of global jewellery fabrication and final consumption at retail level.
The global gold supply reached 4,477 tonnes in 2012, up 48 per cent from 3,017 tonnes in 2007. Forty-three per cent of gold was used in jewellery, 35 per cent in investments (bars, coins and gold-backed exchange traded funds), 12 per cent in central bank gold purchases, and 10 per cent in technology and manufacturing.
The 13 largest gold-consuming countries in 2012 accounted for 75 per cent of gold used for fabrication and 81 per cent of that used for (final) consumption, either in the form of jewellery or investment products such as small bars and coins. India consumed 864 tonnes of gold used for jewellery, bars and coins in 2012.
Author: Paul Ploumis