India: Semi-Manufactured Gold Market 2024

Semi-Manufactured Gold Market Size in India

After two years of growth, the Indian semi-manufactured gold market decreased by -32.4% to $X in 2022. Over the period under review, consumption continues to indicate a precipitous decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Semi-Manufactured Gold Exports

Exports from India

In 2022, shipments abroad of gold, in semi-manufactured forms decreased by 0% to X kg, falling for the third consecutive year after two years of growth. Over the period under review, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2019 with an increase of 3,100% against the previous year. The exports peaked at X kg in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured gold exports stood at $X in 2022. In general, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 42,202% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg) was the main destination for semi-manufactured gold exports from India, with a 75% share of total exports. Moreover, semi-manufactured gold exports to the United Arab Emirates exceeded the volume sent to the second major destination, the United States (X kg), ninefold. The third position in this ranking was taken by Italy (X kg), with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to -20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Italy (0.0% per year).

It was followed by Canada, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled -16.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+104.0% per year) and Canada (+722.1% per year).

Export Prices by Country

In 2022, the average semi-manufactured gold export price amounted to $X per kg, standing approx. at the previous year. Over the period under review, the export price posted a moderate expansion. The most prominent rate of growth was recorded in 2018 an increase of 8,360% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while the average price for exports to Italy ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+722.1%), while the prices for the other major destinations experienced more modest paces of growth.

Semi-Manufactured Gold Imports

Imports into India

Semi-manufactured gold imports into India fell notably to X tons in 2022, with a decrease of -32.1% on the previous year's figure. Over the period under review, imports faced a dramatic setback. The pace of growth was the most pronounced in 2021 with an increase of 414%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, semi-manufactured gold imports reduced rapidly to $X in 2022. Overall, imports saw a sharp shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 433% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest semi-manufactured gold supplier to India, accounting for a 67% share of total imports. Moreover, semi-manufactured gold imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Hong Kong SAR (X kg) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled +26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.5% per year) and Hong Kong SAR (-23.8% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of gold, in semi-manufactured forms to India, comprising 69% of total imports. The second position in the ranking was held by the United States ($X), with a 22% share of total imports. It was followed by Hong Kong SAR, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates amounted to +29.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.1% per year) and Hong Kong SAR (-23.8% per year).

Import Prices by Country

The average semi-manufactured gold import price stood at $X per kg in 2022, approximately mirroring the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 224% against the previous year. Over the period under review, average import prices hit record highs at $X per kg in 2021, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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