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India's gold imports in 2024
could fall by nearly a fifth from the previous year, as record
high prices spur retail consumers to exchange old jewelry for
new items, the head of an industry body told... -May 22, 2024 at 07:04 am EDT
- MarketScreener
India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.
India's gold imports in 2024 could fall by nearly a fifth from the previous year, as record high prices spur retail consumers to exchange old jewellery for new items, the head of an industry body told Reuters. Lower imports by India, the world's second biggest consumer of the precious metal, could cap a rally that carried global prices to a record this week. "Affordability is severely affected by the rapid price increase," said Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA).
India's gold imports in 2024 may plummet by nearly 20% from the previous year due to record high prices driving consumers to swap old jewellery for new, according to the India Bullion and Jewellers Association. Rising prices have shifted buyers towards exchanging old ornaments, impacting jewellery demand more than investments.
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