Gold and silver has long held a special place in Indian tradition, regarded for centuries as symbols of prosperity and auspiciousness. Weddings, birthdays, and religious ceremonies are rarely complete without the presence of gold. However, experts now suggest that a new metal could surpass gold in value in the future.
According to Andrew Green, director of the International Zinc Association (IZA), zinc consumption in India is rising rapidly. At present, the country uses around 1.1 million tonnes of zinc annually, but he predicts that this could reach 2 million tonnes within the next decade. In other words, the demand for zinc is expected to grow at a rate that may outpace gold.
Gold prices, meanwhile, have been fluctuating. A year ago, 10 grams of gold cost Rs 75,000, but today it has crossed Rs 1.2 lakh. Yet, despite gold’s volatility, zinc consumption and demand are growing steadily, Green notes.
Andrew Green explains that global zinc production currently stands at 13.5 million tonnes per year, but per capita zinc consumption in India remains four to five times lower than the world average. To meet international standards, he emphasises, zinc consumption in India must increase significantly.
Zinc is becoming ever more critical in the industrial sector. Globally, 90-95 per cent of steel used in the automobile industry is galvanised, whereas in India it is only 23 per cent. Zinc plays a vital role in protecting steel from corrosion.
Furthermore, Andrew Green predicts that zinc demand in the solar and wind energy sectors will rise sharply. He estimates that zinc requirements for solar energy could increase by 43 per cent in the coming years, while zinc consumption in wind power is expected to double by 2030.
Overall, experts believe that zinc could soon join the ranks of precious metals like gold. With India’s economy expanding rapidly, analysts suggest that the zinc industry, too, is poised to shine as brightly as gold.
