Friday, April 9, 2010

India accounts for 24% of world gold consumption

MUMBAI (Commodity Online): India, one of the major gold consuming countries in thAlign Centere world, accounts for around 24 percent of world gold consumption, majority of which go into production of jewellery items, says the Gems and Jewellery Export Promotion Council (GJEPC) of India.

Here is a brief on India gems and jewellery sector from GJEPC:

Diamond News

Gems and jewellery exports from India, the world's largest supplier, is expected to grow to US$ 25 billion by 2012, according to the Investment Commission of India. The gems and jewellery sector accounted for 13 percent of India's total merchandise exports.

Gold News

India is one of the fastest growing jewellery markets in the world and also the largest consumer of gold with over 700 tonnes consumption in 2008 which accounts for around 24 percent of world gold consumption, majority of it going into production of jewellery.

Industry News

According to the instructions received by the Reserve Bank of India (RBI) to Authorised Dealer banks on the banking issues of Indian gems and jewellery industry, RBI's foreign exchange department advices that the bank does not put any restrictive clause with regard to allowing advance against exports/imports in Diamond Dollar Accounts.

Another study recently viewed that the Indian gems and jewellery sector is expected to grow at a compound annual growth rate (CAGR) of around 14 percent from 2009 to 2012, driven by availability of a huge base of skilled labour and improving lifestyle.

Metal Prices - Bullion Market

Gold (10 grams)

Mumbai - Rs. 16660.00
Chennai - Rs. 16745.00
Delhi - Rs. 16950.00
Kolkata - Rs. 16950.00

Silver (1 kg)

Mumbai - Rs. 27870.00
Chennai - Rs. 28390.00
Delhi - Rs. 27800.00
Kolkata - Rs. 27550.00

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