According to a recent report by the World Gold Council

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According to a recent report by the World Gold Council (WGC), India has emerged as the fourth largest gold recycling country in 2021, recycling 75 tons, or 6.5 per cent of the total gold recycled across the globe Recycling of gold (jewellery, manufacturing scrap, and end-of-life industrial scrap) is driven by price movements of the yellow metal - current and future expectations, and the economic backdrop. In the short run, a 1 per cent increase in the price of gold pushes recycling up by 0.6 per cent. Conversely, positive gross domestic product (GDP) growth in the same year and the previous year pushes recycling down by 0.3 per cent and 0.6 per cent, respectively.