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Post at: Aug 29 2022

Gold Refining and Recycling report:World Gold Council

Recent Context

  • On June 21, 2022, the World Gold Council has released a report title ‘Gold Refining and Recycling: India Gold Market Series.
  • As per report, India is 4th largest country in global gold recycling in the year 2021.

Key Findings

  • Over the past five years 11% of India’s gold supply has come from ‘old gold’.
    • The high recycling was driven by movements in the gold price, future gold price expectations, and the wider economic outlook.
  • Recycling in India is a Rs 440 billion industry making up 11% of the average local annual supply.
  • There are three major sources of gold recycling -  jewellery, manufacturing scrap, and end-of-life industrial scrap.
    • Old jewellery scrap represents the largest source of recycling in India, with an approximate 85 per cent share of the total.
    • Industrial scrap is generated from end-of-life electronic products, such as printed circuit boards, mobile phones, connectors, and contact points. 
    • This industrial segment accounts for less than 5 per cent of the total Indian scrap supply.
  • In 2021, India recycled 75 tons, or 6.5 per cent of the total gold recycled across the globe.
  • India's organised gold refining capacity has a significant jump - from barely 300 tons in 2013 to around 1,800 tons in 2021.

Top 7 countries in gold recycling 
India is the fourth largest gold recycling country 
Gold recycling volumes of top six countries (tonnes)

Challenges to gold recycling in India:

  • The prevalence of cash transactions in the scrap market.
  • Logistical hurdles to scrap collection.
  • GST loss on sale of old gold. 




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