Boston: Gold recycling in Asia is expected to gain ground as China and India continue to be major centres of global gold demand, according to a recent report by the World Gold Council (WGC) and the Boston Consulting Group.

The report, “The Ups and Downs of Gold Recycling,” discussed market drivers and challenges in the global gold recycling industry.

According to the report, China’s level of gold recycling has increased as the country’s stock of gold continues to grow.

“The centre of gravity for gold recycling will shift east as Asia’s stock of gold keeps growing,” the report noted. It said combined gold jewellery consumption of China and India went up from 28 percent in 2004 to 60 percent in 2014 as populations expanded and household incomes rose.

In China, regulatory changes opened up the gold market, the report noted. However, industrial recycling industries in China, India and South America remain “immature,” the report noted, adding that these countries have large, informal recycling sectors characterized by backyard smelting.