Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

WGC: Gold demand in India increases by 10% in Q3 2023

06 november 2023

The demand for gold in India for Q3 2023 was at 210.2 tonnes up by 10% as compared to overall Q3 demand for 2022 which recorded 191.7 tonnes, the World Gold Council (WGC) reported.

Total Jewellery demand in India for Q3 2023 increased by 7% at 155.7 tonnes as compared to Q3 2022 at 146.2 tonnes. Total Investment demand for Q3 2023 at 54.5 tonnes increased by 20% in comparison to Q3 2022 at 45.4 tonnes. Total gold recycled in India in Q3 2023 was 19.2 tonnes, up by 20% compared to 16 tonnes in Q3 2022. Total gold imports in India in Q3 2023 was 220 tonnes, up by 19% compared to 184.5 tonnes in Q3 2022, as per WGC.

Somasundaram PR, Regional CEO, India, World Gold Council said: “India’s gold demand of 210t in Q3 2023 was higher by 10% over Q3 2022 of 191.7t. Purchase of gold jewellery in India was up 7% y-o-y aided by softer gold prices and festive demand, more pronounced in South India.

Investment gold demand, that is bars and coins, jumped 20% to 54.5t from 45.4t in Q3 of the previous year. Price correction was a major factor that triggered the latent demand which we believe continues to be strong. Gold recycling in India recorded 19.3t, a 20% growth over last year, which is more due to low base of last year and perhaps some profit taking. With HUID in place, policy and tax incentives for recycling of HUID marked pieces can be enabled to grow recycling.

Q4 will get the usual seasonal boost due to festivals and wedding purchases, however any sharp price rise could delay release of pent-up demand following a relatively weak H1. Trade feedback is that consumers have accepted the $721 per 10g price point so a downward correction could trigger a significant jump too. With first nine months demand at 481.2t, our estimate for full year gold demand is in the range of 700-750t, marginally lower than last year's demand of 774t.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished