India’s gold production in 2023 was 15.1 tonnes, while demand for gold was 747 tonnes, 50 times more than the supply, according to a report released by the UK-based The Gold Bullion Company.
India’s Gold demand reaches 747 tonnes
With a population of over a billion, India has a substantial demand for gold, amounting to more than 747 tonnes in 2023, made up of jewelry and gold bar demand. This works out to roughly 0.52 grams per person.
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Meanwhile, Turkey follows behind in second place, with mine production in 2023 standing at 36.5 tonnes, which is six times lower than the demand of 201.6 tonnes. Gold demand in Turkey has also been rising, going from 1.13 grams per person in 2021 to 1.43 grams in 2022 and 2.34 grams in 2023. China rounds out the top three, with a yearly gold demand of 909.7 tonnes. Although the mine production figure is the highest seen in all 10 countries, it still falls short of the demand by two times.
Sustainable metal production lead to long-term cost efficiency- MD
Following the surge in demand, Rick Kanda, Managing Director of The Gold Bullion Company said, “Sustainable metal production is vital for environmental, economic, and social reasons. Environmentally, it helps conserve finite resources, reduces energy consumption, and minimises pollution, mitigating climate change and protecting ecosystems.”
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He added, “Economically, sustainable practices lead to long-term cost efficiency, cater to the growing market demand for eco-friendly products, and ensure compliance with stringent environmental regulations. Socially, these practices protect community health by reducing pollution and upholding ethical labour standards, providing fair wages and safe working conditions.”
