Summary:

In FY23, India's gold production was 15.1 tonnes, while demand surged to 747 tonnes—more than 50 times the supply. This demand, driven by jewelry and gold bars, averages 0.52 grams per person. Turkey produced 36.5 tonnes, falling short of its 201.6-tonne target. China's demand reached 909.7 tonnes, but despite having the highest production among major manufacturers, it still fell short by half.

Mr. Rick Kanda, Managing Director of The Gold Bullion Company, emphasized the importance of sustainable metal production for environmental, economic, and social reasons. Environmentally, it conserves resources, reduces energy consumption, and helps prevent climate change. Economically, it ensures long-term efficiency and supports the growing demand for eco-friendly products. Socially, it promotes ethical labor standards and safeguards community health, benefiting the environment, economy, and society through balanced resource use.

Source: IBEF 

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