IMARC Group has published a market research report titled “India Precious Metals Market Report by Metal Type (Gold, Silver, Platinum, Palladium, and Others), Application (Jewelry, Investment, Electricals, Automotive, Chemicals, and Others), and Region 2024-2032“, The India precious metals market size is projected to exhibit a growth rate (CAGR) of 8.6% during 2024-2032.
The cultural as well as economic importance of precious metals, particularly gold, is one of the factors responsible for the growth of the India precious metals market. Additionally, the market is propelling as gold is deeply ingrained in traditions, festivals, and weddings, making it a vital part of the economy. Besides this, the increasing awareness of portfolio diversification has led investors to include gold and other precious metals as a hedge against inflation and currency fluctuations, which are fueling the market. This trend is further supported by the availability of various investment products, such as gold exchange-traded funds (ETFs), sovereign gold bonds, and digital gold.
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India Precious Metals Market Trends and Drivers:
Another significant trend in the India precious metals market is the growing need for silver and platinum, driven by their industrial applications and rising consumer interest. The use of silver in electronics, solar panels, and medical devices has spurred its demand, aligning with the global shift towards renewable energy and advanced technologies. In addition to this, platinum, known for its use in automotive catalytic converters and jewelry, is also gaining traction. Furthermore, the increasing focus on sustainable and ethical sourcing of precious metals is influencing market dynamics, with consumers and investors showing a preference for responsibly sourced products. Apart from this, policies and initiatives taken by government authorities aimed at formalizing the gold market, such as hallmarking regulations and the introduction of the India International Bullion Exchange (IIBX), are expected to enhance market transparency and boost investor confidence, which is anticipated to drive the India precious metals market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Metal Type Insights:
- Gold
- Silver
- Platinum
- Palladium
- Others
The report has provided a detailed breakup and analysis of the India precious metals market based on the metal type. This includes gold, silver, platinum, palladium, and others. According to the report, gold represented the largest segment.
Application Insights:
- Jewelry
- Investment
- Electricals
- Automotive
- Chemicals
- Others
A detailed breakup and analysis of the India precious metals market based on the application has also been provided in the report. This includes jewelry, investment, electricals, automotive, chemicals, and others. According to the report, jewelry accounted for the largest market share.
Regional Insights:
- South India
- North India
- West and Central India
- East India
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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