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India tops in global gold consumption: World Gold Council
New Delhi: Strong yellow metal demand has secured India the top position globally as gold consumer, followed by China, the World Gold Council said here Thursday.
While, India’s gold demand was 842.7 tonnes in 2014, China’s was 814 tonnes.
“India – one of the two largest gold markets in the world – had its strongest year for jewellery demand since the World Gold Council’s records began in 1995, up 8 percent on a year ago to 662 tonnes,” the report ‘Gold Demand Trends – 2014’ stated.
“This was driven by wedding and festival buying despite the presence of government restrictions on gold imports for most of the year. Although China saw a demand decline of 33 percent year on year, it still represents the second best year for jewellery demand in China since our records began,” it added.
“It was a standout year for Indian jewellery, despite government restrictions on gold imports, reinforcing the nation’s affinity for gold. Meanwhile, Chinese gold demand returned to those last seen in 2011/2012 as consumers and investors took time to digest the substantial volumes accumulated in 2013,” Marcus Grubb, managing director of Investment Strategy said.
Combined demand volumes in India and China have grown by 71 percent over the last 10 years. The two markets accounted for 54 percent of consumer gold demand in 2014 up from 33 percent in 2005.
The annual gold demand globally was 3,924 tonnes, 4 percent lower than 2013. Total jewellery demand globally for the year was 2,153 tonnes, down 10 percent compared with the previous year. A development which is not surprising given the price-driven jewellery demand surge in 2013, the report stated.
“2014 was a year of stabilisation and innovation in the gold market, with annual gold demand down by just 4 percent after the record-breaking level of buying seen in 2013. What’s particularly notable about 2014 is that the striking shift in physical gold demand from West to East is now being followed by gold infrastructure development in Asia,” Grubb added.
Regarding investment demand of the yellow metal, the report said it was up 2 percent in 2014, from 885 tonnes in 2013 to 905 tonnes in 2014.
“Total bar and coin investment was down 40 percent as investors, who had made major purchases in 2013 held back from further purchases. This was offset by a dramatic slowdown in outflows from exchange traded funds, from 880 tonnes in 2013 to 159 tonnes in 2014,” the report said.
The central banks continued to view the value of gold as a reserve asset in 2014, WGC said.
“Annual central bank demand was up 17 percent to 477 tonnes. This was particularly evident in the last quarter of 2014, when demand was up 40 percent year-on-year to 119 tonnes, making Q4 (October-December) 2014 the 16th consecutive quarter and 2014, the fifth consecutive year that central banks were net purchasers of gold,” it added.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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