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With reference to World Gold Council (WGC), consider the following statements:
1. The World Gold Council is the market development organisation for the gold industry.
2. The WGC includes 66 members and many members are gold mining companies.
3. As per a report by the WGC, imports made up 86% of India's gold supply between 2016-2020, and inbound shipments continue to grow despite high import duty.
Which of the statements given above is/are correct?
1 and 2 only
2 and 3 only
1 and 3 only
1, 2 and 3
Statement 1 is correct: The World Gold Council is the market development organisation for the gold industry. Its purpose is to stimulate and sustain demand for gold, provide industry leadership, and be the global authority on the gold market. It is a unique organisation that delivers tangible benefits to the gold industry. It is an active force within the market, working with a large and diverse set of partners to create access, drive innovation and stimulate demand, while providing a collective voice for its members. It provides insights into the internationalgold markets, helping people to understand the investment qualities of gold and its role in meeting the social and environmental needs of society. Statement 2 is not correct: The World Gold Council includes 34 members and many members are gold mining companies. The WGC was established to promote the use of and demand for goldthrough marketing, research, and lobbying. Headquartered in London, the WGC covers the markets which comprise about three-quarters of the world's annual gold consumption. Statement 3 is correct: Imports made up 86 per cent of India's gold supply between 2016- 2020, and inbound shipments continue to grow despite high import duty, as per a report by the World Gold Council (WGC). Since the first duty hike in 2012, India has imported some 6,581 tonnes of gold, averaging 730 tonnes per annum, according to WGC's 'Bullion Trade in India' report. In 2020, India imported 377 tonnes of gold bars and dore from over 30 countries, of which 55 per cent came from just two countries -- Switzerland (44 per cent) and the UAE (11 per cent).
By: Parvesh Mehta ProfileResourcesReport error
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