According to a report, Indian customers buy gold the most at weddings. During a festival or a wedding, 65-70 per cent of the total gold is bought while on other occasions only 30-35 per cent is bought. In the country, 41 per cent people buy gold only on the occasion of weddings while 31 per cent people buy gold without any special occasion. On the basis of price, the demand for gold jewelery in the country has increased by 96 per cent to Rs 2,61,140 crore in 2021. In 2020 it was Rs 1,33,260 crore. According to this, the purchase of gold for weddings in 2021 stood at Rs 182,798 crore.
gold demand in india
India is the world’s largest importer of gold. Gold is mainly imported to meet the demand of the jewelery industry. The demand for gold in the country increased to 797.3 tonnes in 2021, which is the highest in the last five years. Gold imports grew by 165 per cent to 924.6 tonnes in 2021. Most of the gold consumed in the country is imported from abroad. Of the total gold imports, 44 per cent are bought from Switzerland and 11 per cent from the United Arab Emirates. Gold demand is expected to grow by 11 per cent in this financial year.
who buys the most gold
The middle class buys the most gold in the country and prefers to keep gold in physical form. According to India Gold Policy Center’s (IGPC) Gold and Gold Market-2022 report, rich people prefer to keep gold in digital or paper format. Per capita gold consumption is highest among the rich, but its total amount is still with the middle class. Most of the gold consumption is in households in the annual income range of Rs 2-10 lakh, which is about 56 per cent of the average quantity.