India became the fourth largest gold recycler worldwide. In 2021, it has recycled 75 tonnes of gold, says a report released by World Gold Council (WGC).
About Gold refining and recycling report
- The Gold refining and recycling report was recently released by WGC recently.
- In the report, China ranked first in global gold recycling chart after it recycled 168 tonnes of gold in 2021.
- China is followed by Italy at second position, with recycling of 80 tonnes gold and US stands at third position, with recycling of 78 tonnes in 2021.
India’s gold refining capacity
The report says that India’s gold refining capacity has increased from 300 tonnes in to 1,500 tonnes in 2021, witnessing a jump by 500 per cent. Its capacity has changed in last decade.
Unorganised refining decrease in India?
- Scale of unorganised refining decreased due to tightening pollution regulations by government.
- Furthermore, tax advantages have underpinned growth of gold refining industry in India.
- Import duty differential on ore, over refined bullion has encouraged the growth of organised refining in India.
- Thus, share of gold ore of overall imports has increased from 7 per cent in 2013 to 22 per cent in 2021.
India’s potential
India can become a competitive refining hub if next phase bullion market reforms encourage responsible sourcing, consistent supply of ore or scrap and exports of bars.
Concerns
Despite being the fourth largest recycler worldwide, India recycles less of its own stock of gold. It accounts for around 8 per cent of global scrap supply.
World Gold Council
This market development organisation for gold industry works across gold mining to investment. It aims to stimulate and sustain demand for gold. It publishes research and demonstrates gold’s strength frequently. It is headquartered in London, United Kingdom.
largest recycler worldwide, India recycles less of its own stock of gold. It accounts for around 8 per cent of global scrap supply.
World Gold Council
This market development organisation for gold industry works across gold mining to investment. It aims to stimulate and sustain demand for gold. It publishes research and demonstrates gold’s strength frequently. It is headquartered in London, United Kingdom.
