India beats China to be world’s biggest gold jewellery consumer in 2024 – CNBC TV18

India beats China to be world’s biggest gold jewellery consumer in 2024 – CNBC TV18

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India’s jewellery consumption stood at 563.4 tons in 2024, surpassing China’s 511.4 tons and reinforcing the South Asian country’s position as the world’s largest gold consumer in this segment.

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India’s gold demand rose 5% year-on-year to 802.8 tons in 2024, up from 761 tons in 2023, driven by the higher jewellery consumption and a surge in investment demand as buyers sought to capitalise on rising prices.

Investment demand saw a sharp increase to 240 tons in 2024, up from 185 tons the previous year, as retail buyers and investors sought exposure to gold amid its rally.

India’s gold imports, however, declined to 712.1 tons in 2024 from 744 tons in 2023, suggesting increased reliance on recycled gold and domestic supply.

Gold prices surged 28% in 2024 and have already gained 11% in 2025, prompting continued interest from investors betting on further gains. The rally has been fuelled by geopolitical uncertainties, central bank purchases, and expectations of easing monetary policy, which have bolstered the appeal of the precious metal as a hedge against inflation and currency volatility.

On February 5, 2025, gold prices hit an all-time high as retaliatory tariffs from China on US imports triggered trade war tensions, spurring investor demand for safe-haven assets. With ongoing trade tensions and market volatility, gold continues to be a key focus for traders and analysts.

Also Read: India’s gold imports drop to 712 tonnes in 2024: World Gold Council

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