India ranks fourth in global gold recycling; recycled 75 tonnes in 2021: WGC

Mumbai India has emerged as the fourth largest recycler in the world and the country has recycled 75

India has emerged as the fourth largest recycler in the world and the country has recycled 75 tonnes in 2021, according to a World Gold Council (WGC) report.

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 at the third rank with 78 tonnes in 2021.

India was ranked fourth in the list as the country recycled 75 tonnes in 2021.

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%) 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.

While the informal sector accounts for as much as an additional 300-500 tonnes, it is worth noting that the scale of unorganised refining has fallen, largely due to the government’s tightening of pollution regulations.

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.