Asia Bizz: Gold Imports For 2010 In India Has Touched A New Record, Surpasses 2009 Level: World Gold Council
The Gold imports for 2010 in India has touched a new record and has already surpassed the 2009 level, as per the World Gold Council. India has remained the largest gold consumer in the world and with gold prices rising, it seems that it is really not affecting the gold consumption in India. India has now imported almost 624 metric tonnes of gold, surpassing 559 tonnes clocked last year.
In the third quarter itself, India imported around 214 tonnes of gold, thanks to the various festive seasons around India, gold consumptions touched a peak level. Gold consumed in the form of jewelery has risen to 36% compared to the figures accounted last year in 2009.
The World Gold Council spokesperson has stated “Given the dual purpose of Indian jewelry, as both an adornment and an investment, the rising price helped to support demand for jewelry,â€. India today has consumed more gold than any other nation or continent in the world, and this is one of the reason the yellow metal prices in India does not affect the consumers on a large scale.