Total jewellery demand in India for Q3 2023 was up by 7% at 155.7 tonne as compared to Q3 2022 (146.2 tonne).In value terms, it was 1,39,550 crore – an increase of 24% when compared to Rs 1,12,330 crore in Q3 2022.
“Purchase of gold jewellery in India was up 7% y-o-y, aided by softer gold prices and festive demand, more pronounced in South India,” said Somasundaram P R, regional CEO, India, WGC. He, however, did not elaborate on how much the south contributed to overall demand growth in the country.
Investment demand for gold went up by 20% at 54.5 tonne in July-September. “Investment gold demand (bars and coins) jumped 20%. Price correction was a major factor that triggered the latent demand, which we believe continues to be underpinned by strong positive economic sentiment mixed with uncertainties from a variety of factors,” Somasundaram added.