Gold continues to be India’s favorite metal. From time immemorial, Indians have been using gold not only for beauty jewelery but also for investment as savings for the future. Due to this, India continues to be the largest importer of gold.
The number of people buying gold jewelry with new designs replacing old jewelry has increased. Due to this the recycling of old gold jewelery in India has increased. The report of the World Gold Council confirms this.
India has recycled 75 tonnes of gold in 2021 alone. India ranks 4th among international countries.
China, Italy and the United States are in the top three, according to a report by the World Gold Council.
There are currently 35 companies in the country engaged in gold recycling. The total capacity of those companies is 1,800 tons. However, experts say the country’s full potential has not yet been used in gold recycling.
“India has the potential to compete with the rest of the world in gold recycling,” said P.O. It requires the government to formulate formal policies and take some reform measures. The gold recycling industry in the country is unregulated. If the government takes steps to regulate it, the gold recycling sector will grow further.
