India's Gold jewellery demand slides 19% on year in March quarter

India' Gold Jewellery demand took a hit in first quarter of the year, according to data from World Gold Council or WGC. India's total Gold Jewellery purchases stood at 66.1 tonnes in Q1, down around 18% compared to 81.6 tonnes in same quarter last year. WGC stated that global jewellery demand sank to its lowest quarter since Covid, dipping below 300t (albeit fractionally) for only the second time in our data series. However, in contrast, demand value increased 31% y/y to US$47 billion ' a record first quarter spend on gold jewellery due to soaring Gold prices.

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