India overtakes China as world's top gold jewelry buyer
India has officially overtaken China as the world's top gold jewelry buyer for the first half of 2023, according to the World Gold Council.
Even with prices soaring, India still led with 563 tons—outpacing China's 511 tons.
Gold as an investment
Gold isn't just about bling—it's a big deal for savings and investment here.
With global gold prices up 40% and domestic rates hitting ₹90,307 per 10gm, more Indians are seeing gold as a smart investment.
While jewelry sales dipped due to high prices, investment in gold shot up by 54% in value.
Demand expected to rise again during festival season
Rising prices made people think twice about buying new jewelry but boosted interest in gold as a safe bet during uncertain times.
The World Gold Council expects demand to pick up again during the festival season if prices settle down, as India's cultural connection to gold and its reputation as a safe-haven asset are keeping demand high.