According to the World Gold Council (WGC) report, India has emerged as the fourth largest gold recycling country in 2021, recycling 75 tons, or 6.5 per cent of the total gold recycled across the globe.
Key highlights
- India is now behind China, Italy and the US, in global gold recycling in 2021.
- Over the past five years, 11 per cent of India’s gold supply came from ‘old gold’; driven by movements in the gold price, future gold price expectations and wider economic outlook.
- Recycling of gold (jewellery, manufacturing scrap, and end-of-life industrial scrap), according to WGC’s findings, is driven by price movements of the yellow metal – current and future expectations, and the economic backdrop.
- The report estimated that from 2013 to 2021, India’s gold refining capacity increased by 1,500 tonnes, or 500%, to 1,800 tonnes. Recycled gold is made from refined precious metals.
About Gold recycling
- Recycling gold comes from consumer products, waste products, unused metal and other items that are made from gold.
- These are then sold to be melted down once they’re no longer in use. Recycling gold and precious metals is a more cost-effective way to make the alloys more affordable – particularly when it comes to jewellery making.
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