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India's gold imports likely to cross the 750-tonne mark this year due to increasing consumer demand for jewellery despite soaring prices. This is the level which touched in 2007. Gold imports in this year already exceeded 2009 levels, the World Gold Council (WGC) has said in it's report Gold Demand Trends in Q3, 2010.
"Going by the trend, its good to estimate that the gold imports would cross the 750-tonne mark this year, a level earlier achieved in 2007. We have already crossed last year's total imports by almost 100 tonnes in the third quarter to reach 624 tonnes," according to WGC Managing Director (Middle East and India) Ajay Mitra. In 2009, the total imports stood at 559 tonnes.
In the July-September quarter, India, the world's largest consumer of the yellow metal, has bought 214 tonnes of gold, as compared to 176 tonnes in the same quarter in 2009.
Gold jewellery demand in India in the third quarter surged 36 per cent to 184.5 tonnes from 135.2 tonnes in the corresponding period last year, the report said. The total gold demand rose 79 per cent to 650.4 tonnes in the January-September period compared to 363 tonnes in the same period in 2009, indicating a robust demand, Mitra said.
"We expect this phenomenon to continue. With the wedding season coming up and two months still remaining until the end of 2010, we anticipate that Indian gold will continue to reach greater heights," he said.
Giving the global demand statistics, Mitra said in the third quarter the total demand grew by 12 per cent to 922 tonnes. The global demand for jewellery rose 8 per cent in Q3, with four of the best performing markets -- India, China, Russia and Turkey -- accounting for 63 per cent of the demand. Retail investment went up by 25 per cent to 243 tonnes during Q3 this year, the report said. The global industrial demand for gold registered a 13 per cent growth in the third quarter at 110.2 tonnes, driven by improving demand for consumer electronic goods, WGC said. The total industrial demand rose 19 per cent to 320 tonnes for the nine-month period (January-September), against 270 tonnes in the same period last year. However, the total Electronic Traded Fund fell seven per cent to 39 tonnes in the third quarter compared to 41 tonnes in the same quarter in 2009.


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