schiffgold.com / BY SCHIFFGOLD / SEPTEMBER 21, 2016
India has traditionally been one of the largest gold markets on the planet, second only to China. However, the high price of the yellow metal is threatening India’s status as a leading importer of gold. Indian gold bazaars are the common places of exchange, and lately, their owners have seen a mass movement of people selling their gold jewelry. The market has transformed from whole sellers and brokers to everyday individuals looking to take advantage of the high price of gold, up 22% this year so far.
Gold jewelry is an especially critical piece of the Indian economy and culture. A spike in imports usually occurs during the last half of the year, in anticipation of seasonal festivals where giving gold is a long tradition. The December quarter usually accounts for about a third of India’s gold sales. However, large recycling efforts are dampening the demand as groups like Indian farmers are selling to invest in extra seed.
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