India becomes the world’s largest gold jewelery consumer in 2024 – CNBC TV18

India becomes the world’s largest gold jewelery consumer in 2024 – CNBC TV18



India’s jewelery consumed in 2024 was 563.4 tonnes, crossing 511.4 tonnes of China and strengthened the position of South Asian country as the world’s largest gold consumer in this section.

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India’s demand for gold increased from 5% to 802.8 tonnes in 2024, in 2023 from 761 tonnes, high ornament consumption and increase in demand for investment demanded to capitalize on rising prices.

The demand for investment saw a rapid increase of 240 tonnes in 2024, from 185 tonnes last year, as retail buyers and investors demanded to come in contact with their rally.

However, India’s gold imports fell from 744 tonnes to 712.1 tonnes in 2023 in 2024, with recycling gold and dependence on domestic supply increased.

Gold prices increased by 28% in 2024 and already increased by 11% in 2025, which led to continuous interest from betting on further profit to investors. The rally has been fuel by the expectations of geopolitical uncertainties, central bank procurement and reduced monetary policy, which has increased the appeal of precious metal in the form of prevention against inflation and currency volatility.

On February 5, 2025, gold prices were hit by China from China at a high time as a retaliation, which triggers the tension of the trade war, which increases the demand for investor for safe-heaven assets Is. With ongoing trade stress and market instability, gold is a significant focus to traders and analysts.

Read: India’s gold imports fell to 712 tonnes in 2024: World Gold Council

T) India Gold Demand (T) India Gold Consumption (T) India Gold Jewelery