According to World Gold Council Report, India has emerged as the 4th largest recycler in the world and country has recycled 75 tonnes in 2021. According to the WGC report titled ‘Gold refining and recycling’, China topped the global gold recycling chart as it recycled 168 tonnes of the yellow metal, followed by Italy in the second position with 80 tonnes and the US in the third rank with 78 tonnes in 2021.
Key points of the report:
- According to the WGC report titled ‘Gold refining and recycling’ from 300 tonnes in 2013, India’s gold refining capacity increased by 1,500 tonnes (500 per cent) in 2021.
- The report further noted that the gold refining landscape in the country has changed over the last decade, with the number of formal operations increasing from less than five in 2013 to 33 in 2021.
- On the other hand, tax advantages have underpinned the growth of India’s gold refining industry like the import duty differential on dore over refined bullion has spurred the growth of organised refining in India. As a result, gold dore’s share of overall imports has risen from just 7 per cent in 2013 to around 22 per cent in 2021, it noted.
Important takeaways for all competitive exams:
- World Gold Council Report Headquarters: London, United Kingdom;
- World Gold Council Report Founded: 1987;
- World Gold Council Report CEO: David Tait;
- World Gold Council Report President: Kelvin Dushnisky.