China, Italy, US, India: Top gold recyclers

23 Jun 2022

China, Italy, US, India: Top gold recyclers

India has emerged as the fourth largest gold recycler in the world according to World Gold Council's report.
Report of World Gold Council (WGC)
The World Gold Council (WGC) has issued a Gold refining and recycling report. According to this report, China has topped the global gold recycling chart as it has recycled 168 tonnes of gold.

Italy is in the second position by recycling 80 tonnes of gold and the United States has secured the third rank by recycling 78 tonnes in 2021.

India has recycled 75 tonnes of gold(Au) in 2021, thus, securing the fourth rank on the list. According to the report by WGC, India's gold refining capacity has increased by 1,500 tonnes in 2021.
India and World Gold Council
According to the World Gold Council report, the tax advantages have supported the growth of India's gold refining industry. The gold share percentage of overall imports has risen from 7% in 2013 to 22% in 2021.

India has a domestic gold recycling market which is driven by local rupees and it is less organized. The CEO of WGC says that such markets should gain support from initiatives like Gold Monetisation Scheme (GMS). Also, various policy measures sync with GMS to make it attractive and useful.

Higher incomes will lead to stronger economic growth and will reduce the gold selling. Also, the consumers will find it easier to pledge the gold rather than selling.

According to the World Gold Council, India recycles its own stock of gold which is 8% of the global supply.  Gold recycling is directed by current gold price movements, future price expectations and the economic backdrop.

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India has emerged as the fourth largest gold recycler in the world according to World Gold Council’s report. Report of World Gold Council (WGC) […]

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