In India,about 15.6% (117.1 tonne) of the total gold used (747.5 tonne) in 2023 was recycled, as per World Gold Council (WGC) data.
While recycling becomes imperative in the jewellery industry to meet demand, some environment-conscious brands are resolving to use only recycled metals. Indian brand Mia by Tanishq is one. Known for lightweight, fusion style gold jewellery for GenZ and millennials, the daily wear brand focuses on 100% use of recycled gold."Many customers are keen to upgrade to latest designs, thus preferring to exchange their gold with us," said Shyamala Ramanan, business head, Mia by Tanishq.
Globally, many other brands have switched to using recycled gold and include Tiffany & Co, Bulgari, Prada, Chopard.An estimate by McKinsey suggests that by 2025, 20-30% of global fine jewellery sales will be influenced by sustainability considerations, from environmental impact to ethical sourcing practices.
Gold refining and recycling in India is a ₹440-billion industry making up 11% of the average local annual supply, driven by movements in gold price, and wider future expectations economic outlook, as per WGC.
The demand for gold in India outpaces its domestic mine supply, and this is fulfilled by imports as well as gold recycled locally.
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