Visualizing Gold Consumption vs. Domestic Supply
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While India and China dominate the demand for gold, both countries face different scenarios when comparing supply gaps.
With its huge jewelry industry, India’s consumption is 50 times higher than its domestic supply. Meanwhile, China produces more than one-third of the gold it demands.
This graphic compares gold demand (in tonnes) versus domestic gold production in 10 selected countries. The data comes from the World Gold Council and was compiled by The Gold Bullion Company as of 2023.
India’s Massive Gold Market
Gold holds a central role in India’s culture, considered a store of value, a symbol of wealth and status, and a fundamental part of many rituals. The metal is especially auspicious in Hindu and Jain cultures.
With a population of over a billion, India tops our ranking with substantial gold demand, primarily for jewelry and gold bars.
CountryGold Production in Tonnes (2023)Gold Consumer DemandDeficit or Surplus
India15748-733
China378910-532
Turkey37202-165
United States167249-82
Brazil861769
Indonesia1334588
Mexico12715112
Canada19224168
Russia32271251
Australia29424270
China ranks second, with demand driven primarily by gold’s role as a store of value, especially by the People’s Bank of China. Central banks seek gold as a hedge against inflation and currency devaluation. Since 2022, the People’s Bank of China has increased its gold reserves by 316 tonnes.
In third place for gold demand, the U.S. consumed 249 tonnes in 2023, against a domestic supply of 167 tonnes.
Turkey ranks fourth, with mine production in 2023 at 37 tonnes, which is five times lower than its demand of 202 tonnes.
Learn More on the Voronoi App
To learn more about gold, check out this graphic that shows the value of gold bars in various sizes (as of Aug. 21, 2024).
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