Gold
demand in India declined 14 per cent to 842.7 tonnes in 2014 as
compared to the previous year, mainly due to government policies
putting restrictions on imports, according to the World Gold Council
(WGC). The overall demand stood at 974.8 tonnes in 2013, says WGC
'Gold Demand Trend 2014' report. In value terms, the precious metal's
demand dipped by 19 per cent to Rs 208,979.2 crore in 2014 as
compared to Rs 257,211.4 crore in 2013, it said. The total jewellery
demand in India for 2014 was up by eight per cent at 662.1 tonnes as
compared to 612.7 tonnes in 2013. In value terms, jewellery demand in
2014 was Rs 208,979.2 crore, a fall of 19 per cent from Rs 257,211.4
crore in 2013. Total imports stood at 769 tonnes, including grey
market, as compared to 825 tonnes in 2013. "The grey market gold
supply was around 175 tonnes. If there are relaxation in policy, duty
cuts and transparent pricing this year, the grey market supply of
gold will be significantly reduced," World Gold Council Managing
Director, India, Somasundaram PR told PTI here. Total investment
demand for 2014 was down by 50 per cent at 180.6 tonnes as compared
to 362.1 tonnes in 2013. In value terms, gold investment demand saw a
fall of 53 per cent at Rs 44,847.1 crore from Rs 95,460.8 crore in
2013, the report said. "The investment demand declined mainly
due to government policies that led to jewellers not selling bars and
coins," Somasundaram said. Total gold recycled in India also
declined by 23.5 per cent in 2014 to 77.1 tonnes as compared to 100.8
tonnes in 2013. Softer prices, which remained stable in 2014,
provided less incentive to sell the precious metal, Somasundaram
said. "India's overall gold demand was slightly lower in 2014,
which is not surprising given the crippling restrictions on imports
in place for most of the year. This had the biggest impact on
investment demand. "In contrast, festival buying, bridal demand
and a general upswing in economic sentiment led to eight per cent
growth in demand for jewellery - a record high from 2013. "The
year also saw high levels of smuggling as a direct result of supply
curbs on the Indian gold market," Somasundaram said.
Thursday, February 12, 2015
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