World Gold Council (WGC) noted that Indian gold jewellery demand almost doubled y-o-y in 2021, surging past pre-pandemic levels to reach a six-year high of 611 tonnes (t). Record quarterly demand of 265 tonnes (t) in Q4 set the seal on this remarkable annual performance. With the easing of lockdown restrictions from June onwards and continued successful roll out of the vaccination program, India's economy recovered in H2 2021. This boosted consumer sentiment particularly in urban India as reflected in an increase in the Reserve Bank of India's Consumer Confidence Index, which rose to 62.3 in November 2021. Rural demand was supported by normal monsoon rainfall, although crop loss due to floods in the Southern states of Kerala and Tamil Nadu impacted rural demand to a degree.
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