Dull gold: Jewellery industry losing sheen for lack of policy, innovations

The lack of a coherent policy and the unwillingness of Indian jewellers to reform are tarnishing the industry

In 2010, India’s gold demand for jewellery and investment was 1,001 tonnes. China’s was 676 tonnes. By 2018, China was consuming 1,058 tonnes whereas India’s demand had dropped to 760 tonnes (and is likely to fall further in 2019), according to World Gold Council data. 

This dramatic reversal in the gold economies of Asia’s two largest countries isn’t restricted to demand patterns. China is also the world’s largest gold producer. And India, despite being a major consumer, is unable to influence global prices. An Indian-indexed gold price, a dream one and half decades ago, is still a dream.

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