India has surpassed China to become the world’s largest consumer of gold jewellery in 2024, according to the World Gold Council’s latest report. India’s consumption reached 600 tonnes, up from 518 tonnes in 2023, driven by strong demand during weddings and festivals, which are key cultural events in the country.
Meanwhile, China saw a decline in gold jewellery consumption, falling to 575 tonnes in 2024 from 607 tonnes the previous year. This decrease is attributed to economic challenges and shifting consumer preferences in China.
The report notes that India’s gold market benefitted from stable prices and an improving economy, encouraging more consumers to invest in gold jewellery. Rural demand was also a significant factor, with a good monsoon season boosting agricultural incomes, leading to increased gold purchases.
Experts believe India’s rise to the top spot reflects the country’s deep cultural connection to gold, particularly during important life events and celebrations. This trend is expected to continue, with sustained demand forecasted in the years to come.
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