India accountable for 30% of global gold jewellery

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Gold demand in the country expected to continue rising throughout 2010

The World Gold Council has this week released figures that show India as the largest global consumer of gold jewellery, accounting for 30 percent of the demand.

The WGC report shows that jewellery was dominated by India, with demand of 123t or 30 percent of the world total, just down from the 32 percent market share of Q1.

China at 18 percent and the Middle East at 15 took the second and third places respectively.
These three between them therefore accounted for 260t of gold jewellery demand in Q2 and between them sustained an increase of 129t or 29 percent.

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India continues to be the largest consumer of gold as the country’s demand for gold rose 94 percent up to 365 tons in the first half of 2010.

The WGC’s managing director for the Middle East and India, Ajay Mitra said: “With the Indian marriage season coming up as well as important festivals we anticipate gold demand will remain robust throughout 2010.”

 

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