India is the fourth largest gold recycling country in the world : World Gold Council
Tags: International News
According to the World Gold Council (WGC) report, India has emerged as the fourth largest recycler in the world and the country has recycled 75 tonnes in 2021.
The report was titled 'Gold Refining and Recycling'.
According to the WGC's 'Gold Refining and Recycling' report, China tops the global gold recycling chart by recycling 168 tonnes of the yellow metal, followed by Italy with 80 tonnes and the US with 78 tonnes .
According to the WGC report 'Gold Refining and Recycling' from 300 tonnes in 2013, India's gold refining capacity increased by 1,500 tonnes (500%) in 2021.
Despite being the fourth largest recycler in the world, India recycles very little of its own gold stock - about 8% of the global scrap supply.
In the last five years, 11% of the country's gold supply has come from 'old gold'.
The names of China, America, Australia, South Africa and Russia are included in the 5 largest gold producing countries in the world, while on the other hand, India is far ahead of other countries in terms of gold consumption.
According to one figure, out of 52 percent of the world's jewellery consumption, most of the consumption is done in India.
About World Gold Council
The World Gold Council is a market development organisation for the gold industry.
It aims to boost the demand for gold and maintain it.
Most of the world's gold mining companies are involved as its members.
Its headquarter is in the United Kingdom.
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